According to Thomson Reuters Institute’s latest Law Firm Financial Index, The United States Law Firms slowing down the hiring process to hold down the direct expenses increment that has obstinated them for the past three years.
The main goal is here to make 2023 a profitable year but it is an uncertain decision. ‘Am Law 100’, the 100 most profitable firms in the U.S. are on track to performing the hold back of hiring and booked their profit growth.
The report shows midsize law firms are booking their profit for 2023 the same as 2022, while Am Law 100 firms are in a critical situation because the profits of 2023 are down compared to last year’s profit.
William Josten the manager for enterprise legal content at the Thomson Reuters Institute said,
For the market as a whole, I think 2023 will turn out to be a decent year—it’s not going to be an outstanding year. There’s going to be a wide range in that average. Some firms are doing very well, and some are struggling.
However, the demands of law firms held steady in the third quarter of 2023. The number of bankruptcy lawyers increased by 6% compared with the previous year and the ligation demand rose 2%. According to the index, overall demand for all corporate work was down by 2% and M&A demand declined more than 5%.
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~News Source: https://tinyurl.com/mr2jk24m
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