During the third quarter of this year, gross revenue among law firms industrywide fell by 6.9 percent and net income by 6.1 percent, according to a new survey by Wells Fargo Corp.'s Wachovia Legal Specialty Group. "What that tells you is there is going to be a lot more riding on the fourth quarter," said Jeff Grossman, national managing director at Wachovia. The survey was of 131 firms nationally, 50 percent coming from the Am Law 100 and with at least 10 in each region of the country.
November 20, 2009 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
New York law firms experienced a 9 percent drop in revenue through the third quarter, according to a new survey.
The data, gathered by the Wachovia Legal Specialty Group, also showed that net income at law firms based in New York was down 4.9 percent through September, compared to the same period a year ago.
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