Law firm revenues recorded historic drop in 2011
Law firm revenues dropped more in 2011 than any other year over the last three decades, as the pipelines filled with ongoing cases that buoyed lawyers through the recession dried, a New Jersey law expert said.
“Some firms have done acquisitions — and therefore, revenue has gone up on an organic basis — but most of the firms in New Jersey have seen their top line decrease,” said R. Max Crane, managing partner of Sills, Cummis & Gross P.C., in Newark. “We’re all driven by our clients, and our clients are feeling similar or worse pressures on their bottom lines than they did in the recession, so they’re justifying their legal spend more than they have in the past.” (Eder, NJBIZ)