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New data about the demand for lawyers is out and it’s nothing but bad news for the industry.”Demand for legal services fell 0.8 per cent in the quarter. For the year, demand is now basically flat,” Peer Monitor found after studying 125 large to mid-size firms.
Peer Monitor is a division of Thomson Reuters’ Hildebrandt Institute.
The study also found corporate work is down 1 per cent, bankruptcy work dropped by 2.6 per cent, and real estate work has plummeted 2.7 per cent.
The report found expenses were still exceeding revenues, and that there just isn’t a high demand for lawyers.
Legal industry jobs had been growing. The October jobs figure was the highest it had been since 209.
But that news isn’t as good as it sounds. Month-over-month, legal jobs showed only meager growth.
“Nearly all major practices were down during the quarter,” according to Peer Monitor. “The law firm market continues to struggle.”
That’s not what New York’s 9,974 new lawyers want to hear.