Law firms can’t control the economy. But they can control their expenses. In a slow economic environment, you do expect firms to drill down and focus more on managing their expense growth.
— Joe Mendola, senior director of sales for the Wells Fargo Legal Specialty Group, in comments given to the American Lawyer, on cost controls within legal industry. Per Mendola, Biglaw costs went down “sharply” by the end of 2022, and it’s a trend that’s expected to continue in 2023.
Staci Zaretsky is a senior editor at Above the Law, where she’s worked since 2011. She’d love to hear from you, so please feel free to email her with any tips, questions, comments, or critiques. You can follow her on Twitter or connect with her on LinkedIn.