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U.S. law firms face fallout from hiring frenzy as demand cools – Reuters

Law firm

(Reuters) – U.S. regulation corporations are struggling to stability swollen lawyer ranks after a hiring surge final yr with shrinking demand from consumers, Based mostly on A mannequin new report from Wells Fargo’s Authorized Specialty Group.

Some corporations have informed the financial institution They’re using inner efficiency critiques to push regulationyers out as A method to handle overcapacity, Wells Fargo said Tuesday.

“They’re Taking A look at their budgets for subsequent yr,” said Owen Burman, a senior advisor Inside the Wells Fargo unit. “They Want to be in The biggest place for subsequent yr.”

Lawyer headcount was up 4.8% By way of The primary 9 months of 2022 As in contrast with The identical interval final yr, the financial institution found.

However demand — calculated As a Outcome of the Quantity of billable hours regulationyers logged — dropped by 0.8% for The primary 9 months of 2022, Wells Fargo found. All through …….

Source: https://news.google.com/__i/rss/rd/articles/CBMibGh0dHBzOi8vd3d3LnJldXRlcnMuY29tL2xlZ2FsL2xlZ2FsaW5kdXN0cnkvdXMtbGF3LWZpcm1zLWZhY2UtZmFsbG91dC1oaXJpbmctZnJlbnp5LWRlbWFuZC1jb29scy0yMDIyLTExLTE2L9IBAA?oc=5

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