Most large firms maintain bonus targets of 1,850 to 2,000 billable hours. “For firms paying first-year associates $205,000 and seventh and eight-year associates getting bonuses in the neighborhood of $400,000 to $500,000, is a 40-hour work week realistic? Probably not,” Smith said. It's also hard to justify capping hours after many top firms increased starting associate salaries this summer and are handing out larger-than-ever associate bonuses, said Lisa Smith of law firm consultancy Fairfax Associates. A record-breaking boom in global merger activity has kept corporate practices extra busy. law firms found that demand, rates, and productivity were each up 6% in the first half of 2021. A Wells Fargo Legal Specialty Group survey of the 200 highest-grossing U.S. “Law firm profitability and compensation is largely driven by hours worked.”Īnd there's plenty of work to go around. “I think an 1,800-billable-hours cap is going to be a challenge,” said Vertex Advisors Group founder Robert Kamins, who advises law firms on management issues. But the task force’s recommendation that legal employers cap lawyers' billable hours at 1,800 a year isn’t realistic for most big corporate firms, they said.
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