The 2023 Report on the State of the Legal Market — Yup It’s Bad — from legaltechmonitor.com by Jean O’Grady
Here are the three key take aways:
- Multiple factors threaten profitability, including falling demand and productivity, rising expenses, shifting client outlooks, and inflation
- Midsize firms show strength amidst market demand shifts
- Profits-per-equity partner down for the first time since 2009
2023 Report on the State of the Legal Market: Mixed results and growing uncertainty — from thomsonreuters.com
The new “2023 Report on the State of the Legal Market” shows that as legal demand falters and other key metrics remain mixed, uncertainty in 2023 may cloud law firms leaders’ thinking
Excerpt:
In the latter part of 2022 and continuing into the new year, multiple challenges have emerged to threaten law firm profitability, including falling demand and productivity, rising expenses, changing client preferences, and economic turmoil.
Indeed, one key metric — profits-per-equity partner (PPEP) — is down for the first time since 2009, which occurred during the last global financial crisis.