Wellington Comments on the Economic Downturn’s Effect on Law FirmsOn September 28, 2008 by Schnader in Litigation
Chairman Ralph Wellington was quoted in the article “Finance Fiasco Slows Business at Law Firms,” published in The Philadelphia Inquirer on September 28, 2008. The recent turmoil on Wall Street is causing law firms to pull back, cut costs, and brace for further financial shocks. A recent Citibank survey of the nation’s top 160 law firms found the number of billable hours for the first half of the year was down as much as 10 percent. However, some firms are seeing an uptick in business. Mr. Wellington explained that European clients, seeking to capitalize on favorable currency rates, were wading into the U.S. market and acquiring businesses here. He also said that Schnader had benefited from a heightened sensitivity by corporate clients to hourly billings rates.