Credit: ipopba/Adobe Stock More Cuts, Higher Billing Rates Could Be on the Horizon for Big Law
Average law firm net income fell by 7.3% and profits per equity partner was down 8.5% through the first nine months of 2022, according to a new Wells Fargo report.
November 15, 2022 at 04:28 PM
3 minute read
Layoffs may not be extensive yet. But with several financial indicators continuing to trend downward, personnel cuts will likely remain Big Law's biggest focus through the end of the year, according to a new report.
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Michael G. Bongiorno, Andrew Scott Dulberg and Elizabeth E. Driscoll from Wilmer Cutler Pickering Hale and Dorr have stepped in to represent Symbotic Inc., an A.I.-enabled technology platform that focuses on increasing supply chain efficiency, and other defendants in a pending shareholder derivative lawsuit. The case, filed Oct. 2 in Massachusetts District Court by the Brown Law Firm on behalf of Stephen Austen, accuses certain officers and directors of misleading investors in regard to Symbotic's potential for margin growth by failing to disclose that the company was not equipped to timely deploy its systems or manage expenses through project delays. The case, assigned to U.S. District Judge Nathaniel M. Gorton, is 1:24-cv-12522, Austen v. Cohen et al.
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