"Howrey's Bankruptcy and Big Law Firms' Small Future," BusinessWeek
On May 2, 2013, Michael H. Trotter was quoted in the article, “Howrey’s Bankruptcy and Big Law Firms’ Small Future,” published in BusinessWeek. The article examines the continued demise of Big Law, particularly firms such as Dewey & LeBoeuf and Howrey, and the structural changes that many firms are undergoing to survive the instability that has hit the industry. More than 20 years ago, the 50 top-grossing law firms had total revenue of $3.4 billion. Trotter suggests that if that figure had increased at the rate of inflation, it would have been the equivalent of $7.1 billion in 2011. Instead, total revenue exploded to $48.4 billion because law firms raised their hourly rates annually. From 2007-2009, firms with more than 500 lawyers saw their billable hours decline by more than 5 percent. Today, the rise of the small to mid-sized firms charging lower billable hours and reducing overhead are in a position to rival the larger law firms. For the full article, please click here.