Flat is the new up.
That was how L. Gray Geddie Jr., of Ogletree, Deakins, Nash, Smoak & Stewart, summed up 2009 for big law firms.
A recent survey reports an almost 5 percent drop in hours billed and a 4 percent drop in revenue last year for the 87 participating Am Law 100 firms. That compared to a steady 4 percent increase in work every year from 2001 to 2007 for large firms. Atlanta firms expected a tough year and budgeted accordingly, after work dried up in the last quarter of 2008 following the September collapse of Lehman Brothers. Of Atlanta's largest 12 firms, only four reported significant revenue increases.
April 06, 2010 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
Flat is the new up.
That was how L. Gray Geddie Jr., of Ogletree, Deakins, Nash, Smoak & Stewart, summed up 2009 for big law firms.
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