Legal News: Partners Eat While Associates are Starving (for work)
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Thomos Reuters Peer Monitor Index (the "report") generated a new study finding the average growth in billed rates reached record highs in the year’s second quarter, even as demand for legal services plummeted.
Demand for legal services dropped 5.9% in the second quarter, the biggest year-over-year quarterly drop since 2009, according to the Thomson Reuters Peer Monitor Index.
Other report findings include that law firms have rapidly cut expenditures, with furloughs and layoffs hitting support staff harder than lawyers. Spending on marketing and business development has dropped by an average of nearly 20% on a rolling 12-month basis.
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