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.
- New Partners at Russell McVeaghRussell McVeagh has today announced the promotions of two of its standout lawyers, Michael Taylor and Simon Pilkinton, who join the firm’s partnership effective 1 December 2020. […]
- Avoid The ‘Too Hot’ For Zoom Litigation TrapsHolland & Hart – When it comes to presentation style in the courtroom, there are definitely times to “bring the fire.” Impassioned rhetoric is […]
- Yury Mosha – Russian Immigrant Gaining Congress Attention for Section 230How One Man is Making a Change Don Hagan – In the news, there has been a lot of attention towards technology, […]
- Corporate law jobs Podcast – How to get the most out of your summer clerkshipAllens Linklaters latest career podcast looks at the summer clerkships and focuses on those seeking a career in corporate law. We know it can […]
- Brazilian ‘Phantom Investment’ Cryptocurrency Ponzi Scammer Extradited to USAudrey Strauss, Acting United States Attorney for the Southern District of New York, and Peter C. Fitzhugh, Special Agent-in-Charge of the New York Field […]
- Expect class actions to become more common after the Supreme Court decision in Ross v Southern Response.Chapman Tripp – The Court found that the “opt out” class action – where all potential claimants are automatically included unless they take a […]
- The Criminal Lawyer-Turned-AuthorLawFuel’s recent article on alternative careers for those with legal qualifications saw huge interest – which might say something about the current law job […]
Get LawFuel Power News Weekly
Subscribe to get our top news weekly