Study says Biglaw profits look “grim” for 2012

Second half of the year expected to be worse than the first

Law firms are hitting hard times … still. According to a recent survey by Wells Fargo’s law firm lending group, the struggles Biglaw has seen the past few years are far from over.

In July, Wells Fargo’s Legal Specialty Group surveyed 115 firms to measure their performance in the first half of 2012. And according to Jeff Grossman, the group’s national managing director, the results were not good, and he expects them to get worse. “We think the second half of the year is going to be softer than the first half,” he told the Wall Street Journal Law Blog. “You tend to see transaction work slow down during an election year.”


Cathleen Flahardy

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