Top US law firms are doing so well that they just broke a key industry metric. Here's what's driving their success.
Hourly rates have soared, and M&A lawyers' revenue is up 18% compared to 2020.Associates' pay has jumped, and some firms are paying six-figure signing bonuses.
Jon Van Gorp, the chair of Mayer Brown, said his firm's lawyers worked about 15% more hours in the first half of 2021 compared with the same period in 2020. He said low interest rates have led to a boost in dealmaking activity, helping keep the firm's finance lawyers busy. In the early days of the pandemic,"clients were asking for partners to do the work because they wanted sort of a safe harbor," Josten said. With business as usual resuming in some parts of the economy, clients and firms are more comfortable pushing work down to associates, he said.
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