Big Law Attorney Billing Rate at 15-Year Low, Wells Fargo Says

Big Law firms face pressure to downsize as attorneys bill hours at a historically low rate, a Wells Fargo & Co. survey of 66 of the largest US law firms shows.

The first quarter data shows attorneys billed at an annual pace of less than 1,600 hours, the lowest figure in at least 15 years, said Owen Burman, managing director of the Wells Fargo legal specialty group.

Firms including Cooley, Gunderson Dettmer and Goodwin Procter have already laid off lawyers this year, and “I would not be surprised to see more announcements of that sort,” Burman said.

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