Law Firm Economics: On the Rebound?

$342/hour was the average equity partner's 2009 billing rate, while a $400/hour rate put a partner in the top quartile, according to the recently released ALM Legal Intelligence 2010 Survey of Law Firm Economics, subtitled "Weathering the Storm."

Other survey highlights include:

• Realization rates are now 85.9%, down from 88%
• Billable hours for equity partners averaged 1,636 in 2009
• Billable hours for associates fell slightly to 1,746 hours
• The ratio of associates to partners is at its lowest level in 25 years
• The ratio of support staff to attorneys is .88:1, the lowest level on record
• Average compensation per equity partner is $358,035

Click here for more findings from the ALM 2010 Survey of Law Firm Economics, or visit ALM Legal Intelligence. Contact ALM via email or by callling 888-770-5647.