Biglaw Firms Leaking Profits Due To Write-Offs Are Pushing Lawyers To Bill Even More
Bill, baby, bill! Bill, baby, bill!
The speed with which write-offs have increased this year should be sounding loud alarm bells. Not only have 75% of NA and 64% of UK firms confirmed an increase this year, but 55% of NA and 48% of UK firms confirm that write-offs have increased by more than 10%.
— An excerpt from new report from legal tech company BigHand, concerning an increase in write-offs that “should be raising eyebrows” because it could do serious damage to Biglaw profits. In response, firms are “driving lawyers hard to increase billable hours” but BigHand analysts say this could put talent at risk of making lateral moves because “lawyers, especially the next generation, don’t want to work more hours.”
Staci Zaretsky is a senior editor at Above the Law, where she’s worked since 2011. She’d love to hear from you, so please feel free to email her with any tips, questions, comments, or critiques. You can follow her on Twitter or connect with her on LinkedIn.
