
Partners at US law firms are taking a greater share of the work from junior colleagues during the pandemic, research suggests, as solicitors adopt an ‘eat-what-you-kill’ mindset.
Thomson Reuters’ ‘peer monitor index’ – which evaluates the performance of the largest US law firms based on demand, productivity, rates, direct expenses and overheads – found that the average rate charged for work increased 5.2% in the second quarter of 2020, suggesting more cases are being handled by experienced senior lawyers.
Billable hours also dropped more sharply for associates than for partners. While associates saw billable hours fall by 10 per cent from 139 per month in Q2 2018 to 126 in Q2 2020, partner hours dropped by just 5 per cent from 124 hours per month in Q2 2018 to 118 in Q2 2020.
Discussing why partners are completing a higher proportion of work by volume, Thomson Reuters’ report said: ‘The causation for this is two-fold. First, partners with a more “eat-what-you-kill” mindset are focused on staying the course to achieve their own billable hour goals.
‘Second, law firm clients have an increased need for advisory services that cannot be completed by less experienced attorneys. The end result – worked rate growth at an all-time high, with the average worked rate charged across the market 5.2% higher than at the same point last year, a full percentage point higher than growth levels recorded in the first quarter.’
The survey also showed that firms spent 4.6 per cent more on technology year-on-year, and 5.6 per cent less on office space.
- Lawsuits in the Health Industry: What They Really Cost and Who PaysArticle: ZoellerLaw.com Healthcare is personal. Whether you’re in the waiting room or on the operating table, you’re placing your trust in the hands of… Read more: Lawsuits in the Health Industry: What They Really Cost and Who Pays
- Mark Zuckerberg (No, the Other One) Sues Meta After Years of Identity HellAn Indiana lawyer named Mark S. Zuckerberg—yes, the poor sap with the same name as Facebook’s overlord—finally snapped and decided to drag Meta into… Read more: Mark Zuckerberg (No, the Other One) Sues Meta After Years of Identity Hell
- The Best John Grisham Screen Adaptations: A Top-10 Countdown (with the New Rainmaker TV Series)The Top 10 John Grisham Screen Adaptations Tom Borman, Lawfuel contributing editor The 90s films still set the bar, but USA Network’s new Rainmaker… Read more: The Best John Grisham Screen Adaptations: A Top-10 Countdown (with the New Rainmaker TV Series)
- Paul Weiss Welcome Return to Firm of Leading Appellate AdvocateA vastly experienced former assistant to the solicitor general at the Department of Justice and leading appellate lawyer has returned to Paul Weiss in… Read more: Paul Weiss Welcome Return to Firm of Leading Appellate Advocate
- Florida Law Firm News – GrayRobinson Promotes 13 Attorneys and AdvisorsORLANDO, Fla. – GrayRobinson is proud to announce the advancement of 13 attorneys and advisors, including six shareholder and senior advisor promotions and seven senior… Read more: Florida Law Firm News – GrayRobinson Promotes 13 Attorneys and Advisors
- Factors to Consider When Hiring an Attorney in AtlantaArticle: TDE Family Law & Divorce Attorneys GA Atlanta is the capital of Georgia and one of the largest cities in the southeastern U.S.… Read more: Factors to Consider When Hiring an Attorney in Atlanta
- Meet the $105M AI Startup Betting on A Legal Revolution With An AI Law FirmBigLaw’s Billable Hour Gets a Funeral While law firms continue their often theatrical performances about embracing AI—all while billing rates climb 9 percent year-over-year—one… Read more: Meet the $105M AI Startup Betting on A Legal Revolution With An AI Law Firm