Demand for legal services drops slightly in third quarter
Demand for legal services dropped slightly in the third quarter, will billable hours falling by 0.8 percent compared to the same period last year. Demand dropped across nearly all practice areas, with labor and employment standing out as the only area that saw growth - a 2.5 percent bump in demand.
The figures come from the Hildebrandt Institute’s Peer Monitor Index, which measures the economic health of the BigLaw marketplace.
Peer Monitor’s program director Mark Medice said: "We are seeing an increasing disparity between firms that are able to achieve meaningful gains in demand, rates and profitability compared against firms that are treading water or losing ground in the current environment.”
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