Source: Reuters
U.S. law firms continue to be swollen with excess lawyers halfway through 2023, according to a new report from a Wells Fargo unit that tracked and analyzed legal industry data from more than 130 firms, including 66 of the highest-grossing U.S. firms.
The law firms surveyed by Wells Fargo’s Legal Specialty Group reported a drop in productivity during the first six months of 2023. Lawyers so far this year have logged an average 1,538 billable hours during that time period – 150 fewer hours than in the first half of 2021, when average billable hours peaked, according to Wells Fargo…=
Read full article: https://www.reuters.com/legal/legalindustry/us-law-firms-face-continued-financial-challenges-after-productivity-declines-new-2023-08-21/
