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.
- Sparke Helmore Joined By Consultant in Government Law Team
Sparke Helmore Lawyers is pleased to announce Alexandra Wedutenko has joined the firm’s Government team as a Consultant. Alexandra is a leading Government, IT …Sparke Helmore Joined By Consultant in Government Law Team Read More »
- Jones Day partner Shannon Finch recognized among Australasian Lawyer’s inaugural “Most Influential Lawyers”Jones Day partner Shannon Finch has been named to Australasian Lawyer’s first “Most Influential Lawyers” list. Ms. Finch, who is based in Jones Day’s Sydney …
- Vertical Integration: What is it, When Should a Business Do it and What Are The Legal Barriers?The goals of most businesses are to make money and grow. Vertical integration is one way of achieving those objectives, but what is it …
- Civil Litigation Disrupter Drives Growth With Capital SolutionPURE Business Group agrees new eight-figure funding line with Sandfield Capital. LONDON – PURE Business Group (PURE), the multi-discipline legal services business, has today …
Civil Litigation Disrupter Drives Growth With Capital Solution Read More »
- Is Lone Legal Blogger Entitled to The Same Protection As Mass Media?
Is a legal blogger entitled to the protection of the mass media – even if writing ‘puerile posts’? - US Attorney Settles Lawsuit Over Access To Broadway’s Most Historic Theaters
Jujamcyn Agrees to Provide Dozens of Additional Wheelchair Accessible and Aisle Transfer Seating Locations, and Remove Hundreds of Barriers to Accessibility Audrey Strauss, …US Attorney Settles Lawsuit Over Access To Broadway’s Most Historic Theaters Read More »
- 7 Key Steps Law Firms Can Take To Avoid Cyberattacks
Cyberattacks and ransomware attacks have ratcheted up since the pandemic and law firms have become an increasingly attractive target for cyber criminals with their …7 Key Steps Law Firms Can Take To Avoid Cyberattacks Read More »
