Zimmermann: Up to 20% of AmLaw 200 "Badly Weakened"

more+
less-
April 25 (Bloomberg Law) -- A substantial percentage of the nation's largest law firms enter the sixth year of the Great Recession "badly weakened," and more firms are expected to fail, according to law firm consultant Kent Zimmermann of the Zeughauser Group.

Their problems boil down to "too many attorneys for too little work," he tells Bloomberg Law's Lee Pacchia. Zimmermann says firms should be concerned when average billable hours fall See more +

April 25 (Bloomberg Law) -- A substantial percentage of the nation's largest law firms enter the sixth year of the Great Recession "badly weakened," and more firms are expected to fail, according to law firm consultant Kent Zimmermann of the Zeughauser Group.

Their problems boil down to "too many attorneys for too little work," he tells Bloomberg Law's Lee Pacchia. Zimmermann says firms should be concerned when average billable hours fall below 1,600 for two consecutive years and when realization rates -- the percent of bills the firm collects -- fall below 90 percent. See less -

Embed Video

Copy

Topics:  Big Law, Billable Hours, Business Development, Great Recession, Law Firm Partners, Layoffs

Published In: Business Organization Updates, Finance & Banking Updates, Firm Marketing Updates, Professional Practice Updates, Mergers & Acquisitions Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Bloomberg Law | Attorney Advertising