Unless the fourth quarter brings huge paydays for law firms, there will be one more reason to call 2009 a bad year.
According to a national survey by Wachovia Legal Speciality Group, gross revenue fell 6.9% through the third quarter of 2009, and net income fell 6.1%. The firm surveyed 131 firms, half of them coming from the AmLaw 100.
Like the number of jobs lost, New York firms suffered more than the rest of the country.
The New York Law Journal notes the following additional numbers:
- For New York firms, revenue was down 9% and net income dropped 4.9%
- Firms with profits-per-partner exceeding $1.8 million saw a gross revenue loss of 8.2%, with net income going down by 4.3%
- New York firms billed 10% fewer hours through quarter three compared to the same period in 2008
- Nationwide, hours billed dropped 6.9%
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