Managing partners trying to make a case for painful cuts to their firms’ head counts are facing a dilemma: Things just aren’t bad enough right now.
That’s one of the management messages in a survey released Tuesday by Wells Fargo Private Bank’s Legal Specialty Group. The report found that rate increases are continuing to fuel revenue and profitability growth for some of the country’s biggest law firms despite an underlying stagnation in demand that has contributed to a steady fall in lawyers’ average productivity at firms across the industry.
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