Law firms ended 2023 on strong financial footing after a sluggish start, according to the latest Thomson Reuters Law Firm Financial Index . The profits, fueled largely by rate growth and increased demand for countercyclical work, rose year-over-year among both large and midsize law firms in the fourth quarter following a dismal 2022. Overall, law firm demand was up nearly 2% year-over-year, but it varied significantly by practice, Karen Sloan reports.
Lawyer productivity, however, continued its recent slide, with lawyers billing an average 115 hours per month in the fourth quarter of 2023. That’s the lowest figure since at least 2005. Find out why.
More from the legal industry …
Threats to federal judges have more than doubled since 2021 … The ABA asked the federal judiciary to drop the term “court-appointed master” … Hogan Lovells generated record revenues and partner profits in 2023 … A team of more than 30 people joined Hogan Lovells from Orrick … The South Carolina Supreme Court ruled that the state’s NAACP branch can train volunteers who are not lawyers to give limited legal advice to tenants facing eviction … A federal court dismissed most of a lawsuit brought by Judge Pauline Newman, 96, over her suspension from the Federal Circuit … Schnader Harrison Segal & Lewis, which shuttered last year, was hit with a class action claiming it unlawfully used pension contributions to help run the firm … Manatt, Phelps & Phillips was sued for allegedly botching a client’s lawsuit … The U.S. Bankruptcy Court in New Jersey said it will continue to randomly assign cases among its judges rather than directing large cases to just one or two judges … Two Republican U.S. senators have requested more information about diversity policies adopted by three federal judges in Illinois.
Moves:
In New York …
DLA Piper added Joo Kim from Cadwalader as a partner to its structured finance practice … McGuireWoods added former FINRA director Jackie Wells as of counsel to its securities enforcement and regulatory counseling practice.
In Washington D.C. …
U.S. Department of Homeland Security assistant secretary Bridget McGovern joined Squire Patton Boggs’ public policy practice as a partner … Lowenstein Sandler added Elinor Ramey to its private client services and tax groups from Steptoe … Cozen O’Connor hired veteran aviation attorney Patrick Rizzi as a partner for its transportation and trade practice from Hogan Lovells … DLA Piper hired David Solander from McDermott Will & Emery as a partner in the investment funds group … Fox Rothschild recruited partner Keeley McCarty from Sheppard Mullin Richter & Hampton for its federal government contracts and procurement practice.
In Chicago …
U.S. Attorney’s Office’s former criminal chief Matthew Madden re-joined McDermott as a partner in its litigation practice group.
In Houston …
Former head of the Federal Energy Regulatory Commission David Applebaum joined Baker Botts’ energy litigation practice group as a partner.
In Dallas …
Baker Botts hired financial restructuring partner Travis McRoberts from Squire Patton Boggs for its corporate department.
In Philadelphia …
Troutman Pepper hired life science attorney Melinda Rudolph in its health sciences transactional practice group as a partner.
In San Francisco …
Michelman & Robinson added Locke Lord attorney Elizabeth Tosaris as a partner in its regulatory and administrative law practice group.
And finally …
Willkie Farr launched an office in Munich, naming Georg Linde as the managing partner in Germany … Saul Ewing named partner Alfred Coleman chair of the firm’s transactional department … Duccio Mortillaro joined Fox Rothschild as chair of the firm’s new Italy practice group.
