Companies are using entry level lawyers sparingly, resulting in a 60 per per cent drop in billings for first-year lawyers. More senior partners are being used but for less time, which has led to nearly flat revenues for law firms. The figures come from a report by Datacert/Tymetrix which produces a database of fees which businesses pay to over 5600 law firms in 15 international locations. The study also looked at the impact consolidation in the legal marketplace had on billable hours and found that the size of the firm was more relevant than the type of work performed. The findings were backed up by HBR Consulting which found that whilst companies increased spend by two per cent last year, spending on outside law firms decreased by two per cent. Source: New York Times.
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