UCLA School of Law's Lowell Milken Institute for Business Law and Policy has issued a new report that assesses changes to the Southern California legal market since the economic downturn of 2008. The report, "Law Firms in Los Angeles After the Financial Crisis," was authored by professor James Park, faculty director of the Lowell Milken Institute.
Among the findings:
- While the L.A. legal market has recovered from the economic slide of 2008, large L.A.-based firms now have 20 percent fewer lawyers here than they did in 2008.
- Since 2008, several firms based in other major cities have opened in Los Angeles or increased the number of lawyers here. Overall, these firms have about 1,000 more lawyers in Los Angeles than they did in 2008.
- Los Angeles firms have increased leverage by significantly reducing their associate-to-partner ratios.
- Firms with their largest offices in Los Angeles have seen substantial increases in profits per partner and revenue per lawyer in the last decade.