BigLaw remains stuck in a pre-2007 model for doing business. As a result, as the Wells Fargo Legal Group found, revenue has gone up about 3% but profits are down 0.7%, reports AM LAW DAILY. Expenses keep creeping up at a time when demand is essentially flat.
Much of the expense creep comes from manpower costs. However, Wells Fargo did not find BigLaw planning any major downsizing of staff or lawyers during the rest of 2012. That may be good news to staff and lawyers. But it's disappointing to clients who want lower bills.