(Credit: Maxim_Kazmin/Adobe Stock) Can Law Firms Hold the Line on Layoffs and Billing Rates in 2023?
"The top 200 firms should hold back on raising rates to fill their shortfall for 2023, as clients are watching and weighing alternatives," recommends a new report.
March 08, 2023 at 05:00 AM
6 minute read
Law Firm Profitability
The original version of this story was published on The American Lawyer
Many large law firm leaders were counting on aggressive rate increases coming into 2023. Some analysts said if they didn't get them, they'd have to start living with lower profits—or start laying off people.
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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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