Wake Up Call: US Lawyers’ Billable Hours Hit Two-Decade Low

Welcome to Bloomberg Law’s Wake Up Call, a daily rundown of the top news for lawyers, law firms, and in-house counsel.

• US lawyers’ billable hours have plunged to their lowest level in decades as demand for deal advice evaporates, according to a report citing a new survey of 170 law firms by Thomson Reuters. The survey also found that law firms’ direct expenses jumped 10.1% and overhead expenses 10.9% through November, their highest marks since 2008. (Financial Times)
• Southwest Airlines Co., facing fallout from mass travel cancellations, promoted associate general counsel Jeff Novota to vice president legal-corporate & ...