Debra Cassens Weiss, in her November 19, 2012 post in the ABA Journal, reports that a survey of 115 law firms (mainly large ones) show two trends: (1) for this year, partner billable hours have dropped from 2011; and (2) for the first quarter of 2013, 15% of surveyed firms will be cutting about 15% of partners from their ranks.
Based on a survey by Wells Faro Private Bank Plan, 15% of the surveyed firms plan to cut 15% of their partners in the first quarter of 2013, which is an increase from the 5% typical cuts at the start of a year but down from the 25% cuts seen at the first of the year during the height of the recession.
Also, according to Am Law Daily coverage, equity partners are projected to bill 1,602 hours this year, down 1.7% last year, while nonequity partners are projected to bill 1,530 hours, a drop of 1.6% from 2011. However, partner profits are up in the very large firms, with equity partners billing an average of 1,700 hours this year.