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Online Extra: Law Firms Doubling Down On Billing Discipline Amid Demand Decline
Some large law firms are doubling down on billing discipline, as Big Law clients take longer to make payments and the legal industry continues to see demand declines.
Sidley Austin, for instance, told associates and counsel this month that it would reduce year-end bonuses by between 25% and 50% if they averaged more than five days to enter time, sources confirmed.
Analysts say it's not surprising some firms are tightening up expectations for time entries, as the associate talent war has slowed down and it's harder to increase revenue through demand gains.
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