Demand for legal services is stagnant and law firms are getting a lot of pushback from clients on rates, according to a new report on the state of the legal industry released on Jan. 7. But the data suggests that firms can thrive if they adapt to changes in technology and staffing, according to the report’s authors.
The Center for the Study of the Legal Profession at Georgetown University Law Center and Thomson Reuters Peer Monitor, after compiling data from 143 large and midsize law firms, found that 2015 was the sixth consecutive year of flat demand for legal services. Before 2008, there was typically 4 to 6 percent annual growth in demand in the legal market.
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