Average Hours Fell, Expenses Increased, But Equity Partner Capital Rose A Little.
According to a Wells Fargo survey of 120 U.S. law firms from the first half of this year, law firms are seeing sluggish/anemic growth. Although gross revenue was up 1.5% as compared to the same period in 2012, the average hours per lawyer fell by 2.5%, according to the American Lawyer. The Wells Fargo survey also showed a 3.5% rise in law firm expenses, especially in the technology area. On average, capital per equity partner increased to around 2%, to $300,000, while law firms in general are reducing reliance on debt.