Legal News

Two Thirds of Law Firms Expect Lower 2009 Revenues; 51% to Terminate Staff
Download PDF
1 Star2 Stars3 Stars4 Stars5 Stars (No Ratings Yet)
Loading...

Altman Weil logoTwo-thirds of all US law firms expect lower 2009 revenues, although the economic harm to date has mostly hurt large firms, according to a new Altman Weil survey.

Large law firms, those with more than 250 lawyers, in the major legal markets of New York, Chicago, Washington, San Francisco and Los Angeles have felt the most impact on revenue.

In those five major legal markets, large law firms’ accounts receivables collections within 90 days of billing dropped by an average of 4.2% in the third quarter of 2008, compared tolast year.

  
What
Where


Nationwide, large law firms’ accounts receivables collections dropped by an average of 2.9% in the third quarter of 2008.

“Large and major market firms have larger clients who tend to manage money better and are probably hoarding cash if they can,” said Altman Weil’s James D. Cotterman. “Legal is not as important as the electric bill or key raw material suppliers.”

About 66% of law firms expect lower revenue next year, compared with the 26% that anticipate little or no change and 8% that look forward to higher revenue.

Get JD Journal in Your Mail

Subscribe to our FREE daily news alerts and get the latest updates on the most happening events in the legal, business, and celebrity world. You also get your daily dose of humor and entertainment!!




Half of all firms plan to make minimal or very selective hikes in billing rates next year; 14.3% plan to tie billing increases to the Consumer Price Index; and 4% plan to keep the same billing rates.

Firms responding to the survey also cited five top ways they planned to conserve cash in the near term, including: cutting operating expenses (81%); deferring capital expenditures (76%); terminating staff (51%); terminating associates (38%); and increasing partner capital (38%).



Altman Weil collected responses from 85 firms.



 

RELEVANT JOBS

Business/Civil Litigation Attorney

USA-CA-Los Angeles

Job Title: Business/Civil Litigation Attorney Location: Los Angeles, CA Job Type: Full-time ...

Apply now

Workers Compensation Associate Attorney

USA-CA-Tarzana

Lyfe Law is a mid-size law firm looking to hire a Workers\' Compensation Associate Attorney who will...

Apply now

Attorney Position – Join a Legacy of Advocacy and Opportunity

USA-NJ-Vineland

Attorney Position – Join a Legacy of Advocacy and Opportunity Are you ready to take your le...

Apply now

Outside Counsel Legal Clerk

USA-FL-Odessa

Job OverviewWe are seeking a detail-oriented and motivated Legal Clerk to support the Outside Counse...

Apply now

BCG FEATURED JOB

Locations:

Keyword:



Search Now

Education Law Attorney

USA-CA-El Segundo

El Segundo office of a BCG Attorney Search Top Ranked Law Firm seeks an education law attorney with ...

Apply Now

Education Law Attorney

USA-CA-Carlsbad

Carlsbad office of a BCG Attorney Search Top Ranked Law Firm seeks an education law attorney with 4-...

Apply Now

Education Law and Public Entity Attorney

USA-CA-El Segundo

El Segundo office of a BCG Attorney Search Top Ranked Law Firm seeks an education law and public ent...

Apply Now

Most Popular

SEARCH IN ARCHIVE

To Top