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Law Firms
After cutting lawyers in a pace reminiscent of 2009, law firms see net income rise nearly 10%
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Law firms saw a 9.9% growth in net income last year after cutting discretionary expenses and laying off lawyers, according to two reports released this week.
Initial layoffs and furloughs in 2020 hit staff members, according to Thomson Reuters’ Peer Monitor Index. Then, in the third quarter, law firms began to lay off lawyers, with associates being the primary targets.
By the end of 2020, the average law firm employed 1.6% fewer attorneys than in 2019, “a pace reminiscent of 2009 and the great recession,” said the Peer Monitor Index fourth quarter report, available here.