In an interesting trend pointed out by a recent Wells Fargo research report, billing rates for big law firms have risen by more than 8% in the first nine months of this year. This surge has aided these firms in boosting their revenue by over 4%, a noteworthy progress considering the flat demand observed in the industry.
Furthermore, London’s private equity lawyers appear to be in no less demand. Despite the currently slow pace of deal-making activities, the hiring of partners has hit record highs in recent months. This information was disclosed by Financial News, demonstrating unwavering confidence in the sector’s resurgence. (Financial News)
In a more grim development, there is an update concerning a murder case involving a law professor from Florida. Donna Adelson, the murdered professor’s former mother-in-law and mother of a convicted accomplice, was arrested in connection to the gruesome crime. (Associated Press)
On the people front, there have been several significant moves. Key among them are: Steven B. Davis joining Duane Morris as a partner, Rebekah Donaleski moving from the US Attorney’s Office for the Southern District of New York to Cooley , Maia Sevilla-Sharon becoming a partner at Locke Lord and a few more notable lateral shifts across major law firms.
A final word: considering Big Law’s resilience in the face of flat demand, it’s worth observing how billing rates develop alongside hiring trends as the industry continues to navigate the remainder of the year.