Some of the nation’s top law firms posted substantial boosts in profits last year after laying off attorneys or staff members, according to an analysis by Law.com.
According to financial numbers reported to Law.com so far, at least 15 of the nation’s 200 highest-grossing firms posted revenue or profit increases of more than 5% last year, even after layoffs. Most were among the nation’s top 100 firms.
Some law firm leaders who spoke with Law.com said layoffs were needed to keep their firms healthy. Some said decisions were made before they saw an increase in demand for legal work later in the year. And some said layoffs were already planned, but the COVID-19 pandemic accelerated the timeline.