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Despite the economic crisis nationwide, New York and Southern California law firms registered a slight increase in terms of revenue growth, outshining other firms nationwide. The research, conducted by Wells Fargo Wealth Management, revealed that New York and Southern California made a 5 to 6% increase amidst the recent national trend in which law firms generally showed flat revenue growth. The information was collected from 115 law firms nationwide.
Jeffrey Grossman, national managing director of Wells Fargo’s legal specialty group, said that law firms nationwide have gone through various economic challenges in the past months. “The markets that experienced significant downturns, New York and Southern California, are generally the markets that have had more of an economic recovery,” Grossman explained.
Grossman noted that law firms will seriously boost their profits in 2011. However, without substantial increases in revenue and productivity, law firms will need to make further cuts. He predicted that reduction of law firm staff is possible to happen if not likely. “You’re going to see more cuts in terms of staff,” Grossman ended.
