Partner Growth Down By 50% At AmLaw 100
I read the most unbelievable article today on LawCrossing.com This article to me was one of the more significant articles I have read in a long, long time about the legal industry. In my opinion, what this article talked about has pretty significant implications for us all. Specifically referring to a West peer study and AmLaw 100 law firms the article notes:
The month of August saw the highest contractions in billable hours, about 5%. However, a slight surge in September brought the overall quarterly billable hours down only 2.5%. Also, the recent layoffs at large law firms resulted in a slowdown in attorney hiring practices, which came down 6% from last year. New partner growth at law firms was reported as half of that of the previous year.
Hiring down by 6% is a huge number in my opinion; however, even more striking is the fact that the partner growth was reported to be half the previous year. This is a huge number and a massive decline. If these numbers are down by an incredible 50% this means there is a lot less opportunity for people to be moving up.
One thing I think we will be seeing a lot more of in the near future is the growth of smaller firms which have less overhead and are more than happy to take on smaller clients. Many of the larger law firms simply cannot support partner growth.
The idea that the number of partners being made could decline so rapidly is a very serious warning. Firms simply no longer have the space for them in their ranks. The idea that upward mobility for attorneys is stalled will have serious long-term implications on attorneys choices in the future I believe.
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Big Marketing For You » Blog Archive » Legal Industry, Large Law Firms, Significant Implications … on December 17th, 2008
[...] unknown wrote an interesting post today onLegal Industry, Large Law Firms, Significant Implications …Here’s a quick excerptAlso, the recent layoffs at large law firms resulted in a slowdown in attorney hiring practices, which came down 6% from last year. New partner growth at law firms was reported as half of that of the previous year. … [...]