Law firm recruiting and marketing expenses have skyrocketed so far this year. And some analysts say, even after triple-digit percent jumps that would be considered outliers in other contexts, it’s “almost inevitable” that Big Law will see those and other expenses continue to grow as 2022 progresses.
The rise in overhead costs coincides with fears of law firm profits plunging and M&A activity slowing down. Meanwhile, direct expenses such as associate compensation are up 13.1%, after multiple associate pay scale increases.
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