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Wells Fargo Survey Predicts Massive Law Firm Layoffs in 2013

According to a recently released survey by Wells Fargo, 15 percent of American law firms have said that they are planning to reduce partnerships in the first quarter of 2013. The reason being given is that these firms have a number of underused partners who are not pulling their weight.

The survey looked at the finances of 115 major law firms and also found that for the third quarter of 2012, firms had modest revenue gains while struggling to rein in their expenses. The firms reported that their growth was being constrained by partners who were not billing enough hours.

The number of hours billed by attorneys at all levels in the surveyed law firms were also down by 1.5 percent in the third quarter compared to the same period last year. The survey showed that associates billed an average of 1,768 hours, which was considered an acceptable level although that was still a decrease of 0.5 percent. But hours billed by equity partners dropped by 1.7 percent to just 1,602 hours and non-equity partners billed just 1,533 hours, a drop of 1.6 percent.

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University of Michigan Ann Arbor School of Law

University of Michigan Ann Arbor School of Law

The University of Michigan Ann Arbor School of Law or the Michigan School of Law as it is popularly known is one of the oldest law schools of the U.S. and it consistently ranks among the top 10 law schools of the U.S. in rankings published by different sources and organizations. Michigan Law School is considered to have one of the best campuses and collegiate environment among U.S. law schools.

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