The 2023 Report on the State of the Legal Market is being released today. The annual report is jointly issued each year by the Center on Ethics and the Legal Profession at Georgetown Law and the Thomson Reuters Institute. The report utilizes data from Thomson Reuters which shows the performance of U.S. law firms and analyses a variety of factors impacting that performance. Download the 2023 Report on the State of the Legal Market here.
Several key drivers of the bad news include the decline in profitability which surged in the pandemic, only to stall as firms absorbed “return to the office” costs.. Expenses further ballooned due to inflation. Law firms once again entered into the talent war “space race” which translates to higher unsustainable salaries for young attorneys whose work can’t be billed to clients. Will law firms ever learn how “not to take the bait?”
Here are the three key take aways:
Continue Reading The 2023 Report on the State of the Legal Market — Yup It’s Bad