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On September 25, 2007, RSM McGladrey announced the results of its 10th annual Law Firm Financial Benchmarking Survey.

This year’s survey revealed insights into the challenges that law firms are facing as they attempt to increase revenue and improve profitability while controlling costs.  The survey addressed topics such as billing rates and billable hours, leverage, realization and IT expense.

The 2007 survey was conducted nationally, with 216 respondents representing firms of all sizes, from fewer than 50 to more than 300 attorneys.  New this year, the data was stratified by percentages – bottom 25, top 50, top 25 and top 10 – to provide firms with more detailed information.  The results were broken down by size of firm, and in many cases further sorted by number of attorneys and equity partners.  For comparison, data was included from the 2004 and 2005 surveys as well.

Each year, law firms look to the survey to benchmark the progress of their organizations against their peers as well as identify ways to improve their bottom line.

To listen to an audio summary of the results, click below:

Listen Now (right click to download)