US firms stay wary of cutting partners

A Wells Fargo survey of US law firms shows a potentially damaging tendency to protect unproductive partners even if the practices are losing out as a result.
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Reluctant to cut partners Viktor Gladkov

Results for the first  nine months of the 2013 survey point towards lacklustre growth. 'There's an inherent lack of growth in demand,' says Mary Ashenbrenner, a regional director of the bank's specialist legal group.  Nearly 70% of firms in the USA are on target to meet or do better than the revenue level they budgeted for. Results vary by area. Philadelphia, for instance, is outperforming national trends: 82% of law firms there are on course to beat budgeted income. Source: NBC10 Philadelphia

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