According to the Index, the month of August saw the worst contractions in billable hours (about 5%). However, a slight surge in September, brought the overall quarterly billable hours down by only 2.5%. Also, the recent layoffs at large law firms resulted in the slowdown in attorney hiring practices, which came down 6% from last year. New partner growth at law firms was reported as half of that of the previous year.
When it comes to demand for attorneys, some regions in the nation were hardly hit. Washington, DC, was the most affected region, reporting a negative 4.5% demand for attorneys, while Los Angeles and Chicago reported a demand contraction at around -2%. Meanwhile, Austin, Midwestern regions, the Pacific Northwest, and the Southeast showed positive demands for attorneys. Internationally, London, Frankfurt, Tokyo, and Hong Kong experienced contractions, while Beijing and Middle East showed signs of slow growth.
The legal industry is keeping a close watch on the fourth quarter results, with all fingers crossed!
