Lawyer head count is growing, while productivity is declining, according to a year-end survey of more than 130 larger law firms released this week by Wells Fargo’s Legal Specialty Group.
In an analogy comparing Big Law mergers to the PGA Tour’s proposed tie-up with the Saudis, PGA Tour commissioner Jay Monahan is cast in the role of a managing partner selling an unpopular deal to a deeply divided group, and he’s lost the most important currency for a leader of a partner-run organization: Trust.
A few large, diversified law firms with growing profits are taking advantage of a market lull to lure partners away from rivals they have outperformed.
Some 200 Husch Blackwell lawyers are working from their homes in 28 states and Washington, D.C., under a program dubbed “The Link.” While other firms pressure lawyers to return to office or risk portions of their bonus Husch Blackwell has gone all-in on the remote work model. The firm says it’s proving to be a differentiator.
Ninety-eight of the nation’s top 100 law firms had 44 fewer partners last year than in 2021, continuing a long-term trend of firms “pulling up the ladder,” according to an analysis by Bloomberg Law.