U.K. law firms must lay off almost 6,000 more lawyers this year if they want to maintain profit levels in the face of falling demand, a new report claims.
Though firms trimmed their attorney ranks by about 15 percent on average during the recession, research released Monday by the Royal Bank of Scotland suggests that “insufficient fee-earner capacity has been removed from the market” and that a further downsizing will be required in 2012 as firms struggle amid a fragile global economy and patchy transactional markets.
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