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Facebook Affecting Law Firms Bottom Lines |
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Written by Sean Hocking
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There's been a lot in the press recently about Facebook damaging the bottom lines of companies around the world.. We enjoyed the following article in..
the New York Observer which tries to calculate how many $'s worth of billable hours firms in the USA may lose in 2008 due to the new internet evil of facebooking.
They write
It’s an expensive love affair. A British study found that visiting social networking sites like Facebook during working hours costs U.K. firms over $260 million a day. The equivalent number for the United States is surely a multiple of that. Next year, the AmLaw 200 law firms are expected to hire 10,000 new associates. Let’s estimate, conservatively, that half of them spend one billable hour a week on Facebook. If we assume (again conservatively) an average hourly billing rate of $200, that comes to about $50 million a year in lost billable hours—and partner profits. Fifty million bucks will buy you a lot of Hermès ties.
Full Article |
