As rich law firms lose ground to the super-rich law firms, their associates will feel the monetary pain, according to a columnist who is a former BigLaw partner.
Writing at Above the Law, lawyer Mark Herrmann says it’s tough for law firms earning $1 million in profits per partner to compete with super-rich firms earning $3 million per partner. Herrmann, a former big-firm lawyer, is chief counsel for litigation and global chief compliance officer at Aon.
Herrmann believes profitability will increase more quickly at capital-markets-focused law firms than at the “merely rich” firms, despite efforts to goose profitability by the merely rich firms.
