Biglaw Firms Leaking Profits Due To Write-Offs Are Pushing Lawyers To Bill Even More

// billable hour clock garbageThe speed with which write-offs have increased this year should be sounding loud alarm bells. Not only have 75% of NA and 64% of UK firms confirmed an increase this year, but 55% of NA and 48% of UK firms confirm that write-offs have increased by more than 10%.

— An excerpt from new report from legal tech company BigHand, concerning an increase in write-offs that “should be raising eyebrows” because it could do serious damage to Biglaw profits. In response, firms are “driving lawyers hard to increase billable hours” but BigHand analysts say this could put talent at risk of making lateral moves because “lawyers, especially the next generation, don’t want to work more hours.”

googletag.cmd.push( function() { // Display ad. googletag.display( "div-id-for-top-300x250" ); }); The State Of Today’s Corporate Law Departments Sponsored The State Of Today’s Corporate Law Departments A report from our friends at Thomson Reuters will help you benchmark legal spend, find greater efficiency, and innovate for the future.  From Thomson Reuters and Above the Law

Staci ZaretskyStaci Zaretsky is a senior editor at Above the Law, where she’s worked since 2011. She’d love to hear from you, so please feel free to email her with any tips, questions, comments, or critiques. You can follow her on Twitter or connect with her on LinkedIn.

googletag.cmd.push( function() { // Display ad. googletag.display( "div-id-for-middle-300x250" ); }); googletag.cmd.push( function() { // Display ad. googletag.display( "div-id-for-bottom-300x250" ); }); Sponsored Why The Legal Work Experience Is Broken And How You Can Do Better Sponsored Why The Legal Work Experience Is Broken And How You Can Do Better There are widespread problems with the legal work landscape. Here’s how your firm or law department can overcome them. From Filevine and Above The Law Professional Development Leader H. Sandra Bang on Building a Career and Making an Impact Sponsored Professional Development Leader H. Sandra Bang on Building a Career and Making an Impact As PD Appreciation Month comes to an end, PLI speaks with program Chair H. Sandra Bang about her impressive career path and advice for those… From PLI The State Of Today’s Corporate Law Departments Sponsored The State Of Today’s Corporate Law Departments A report from our friends at Thomson Reuters will help you benchmark legal spend, find greater efficiency, and innovate for the future.  From Thomson Reuters and Above the Law Streamline Legal Research And Focus On Decision Making Sponsored Streamline Legal Research And Focus On Decision Making LexisNexis’ Fact & Issue Finder combines AI and human-assisted search to provide digestible, thorough results. From Ethan Beberness Does Your Firm Have An Effective Budget? Sponsored Does Your Firm Have An Effective Budget? If it doesn’t, you are flying blind. Here are some steps to consider. From TimeSolv and Above The Law Streamline Legal Research And Focus On Decision Making Sponsored Streamline Legal Research And Focus On Decision Making LexisNexis’ Fact & Issue Finder combines AI and human-assisted search to provide digestible, thorough results. From Ethan Beberness Topics

Biglaw, Billable Hours, Money, Quote of the Day


Introducing Jobbguru: Your Gateway to Career Success

The ultimate job platform is designed to connect job seekers with their dream career opportunities. Whether you're a recent graduate, a seasoned professional, or someone seeking a career change, Jobbguru provides you with the tools and resources to navigate the job market with ease. 

Take the next step in your career with Jobbguru:

Don't let the perfect job opportunity pass you by. Join Jobbguru today and unlock a world of career possibilities. Start your journey towards professional success and discover your dream job with Jobbguru.

Originally posted on: https://abovethelaw.com/2022/12/biglaw-firms-leaking-profits-due-to-write-offs-are-pushing-lawyers-to-bill-even-more/