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