UK lawyers should take heart from the news that confidence is riding high among their colleagues across the pond.
According to the Altman Weil Law Firms in Transition Survey 2011, US law firms are experiencing an economic rebound. Two thirds of the 805 firms surveyed in April and May 2011 report increases in gross revenue in 2010, and nearly three-quarters report increased revenue per lawyer and profits per equity partner.
Firms are reporting or planning an increase of four per cent in standard hourly billing rates for 2011. More than half reported a reduction
in overhead costs in 2010. Nearly nine out of ten plan to hire more associates this year.
“If firms are finding their feet again post-recession, it is on new ground with a number of new factors in play,” said Altman Weil principal Tom Clay.
“And although most firm leaders seem to recognise the changes, it’s not yet clear whether they will be able to manage them effectively.”
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