In an InsideCounsel article written by Cathleen Flahardy entitled Study says Biglaw Profits Look “Grim” for 2012, Wells Fargo’s Legal Specialty Group surveyed 115 law firms to measure their performance in the first half of 2012. According to Jeff Grossman, the group’s national managing director, the results were not good, and he expects them to get worse. “We think the second half of the year is going to be softer than the first half,” he reported.
According to the report, law firm revenue growth between January and June was lower than their costs. While revenues grew at about a pace of 3 percent, costs were up by 6.5 percent.