"Armed with data from SurePoint Legal Insights about changes in headcount over the last six months, Lat concludes that "the Trump deals might be affecting, but not fundamentally altering, law firms' overall trajectories." Whether coincidence or cause and effect, or some combination thereof, a few stats are worth highlighting: On average, Am Law 100 firms saw attrition of -1.7% The five firms subjected to executive orders that did not capitulate averaged a 2.8% decline in headcount The nine firms that made deals with Trump averaged a 4.9% drop"
"Two firms that cut deals - A&O Shearman and Cadwalader - had the steepest declines (-10% and -11%, respectively) The only two firms whose headcount increased also settled (Milbank expanded by 5% and Simpson Thacher by 2%) Perkins Coie, which is fighting the EO, shrank by 8% - the same attrition rate as Paul, Weiss and Skadden, the first two firms to cut deals Covington and Jenner & Block, neither of which settled, basically broke even"
Data from SurePoint Legal Insights measure six-month headcount changes for 14 law firms targeted by executive orders. Am Law 100 firms averaged -1.7% attrition. The five firms that did not capitulate averaged a 2.8% decline in headcount. The nine firms that made deals with Trump averaged a 4.9% drop. A&O Shearman and Cadwalader experienced the largest decreases (-10% and -11%). Milbank and Simpson Thacher, both of which settled, increased headcount by 5% and 2%. Perkins Coie shrank 8% while fighting the EO, and Covington and Jenner & Block were essentially flat. Overall, the pattern suggests correlation between Trump-related deals and higher attrition at some firms, but firm-specific factors also appear influential.
Read at Above the Law
Unable to calculate read time
Collection
[
|
...
]