NEW YORK--(BUSINESS WIRE)--Apr. 29, 2009--The Am Law 100 issue of Incisive Media's The American Lawyer reveals that the top-grossing firms in the nation continued to expand and hire aggressively last year, even as the nation's economy and the demand for high-end legal work-especially in the corporate and finance sectors - hurtled towards a precipice. While total gross revenue for the group grew by 4.1 percent, lawyer head count at all levels grew even faster, increasing by 5.4 percent, to 81,992 lawyers. As a result, both average profits per partner and average revenue per lawyer dropped last year for the first time since 1991, setting the stage for massive law firm layoffs that began late in 2008 and have continued throughout 2009, as firms struggled to bring staffing and costs into equilibrium with a recessionary economy.
A fine example of what happens when lawyers manage businesses, can't wait to see this type result with the auto companies, banks, and the other businesses being taken over by the government and lawyers.
Disclosure: Long MS