Law Offices of Gary Martin Hays & Associates
P.C.
75 Ponce De Leon Ave NE Ste 101
Atlanta,
GA 30308(470) 294-1674
www.garymartinhays.com
Following a period of revenue increase and office growth, the legal field is now facing a new challenge: a decrease in demand. Where firms were once seeing immense demand from clients across sectors and geographies, which led to an increase of profits that gave firms the opportunity to grow, are now stalling out.
In the midst of economic headwinds and depressed demand across numerous areas, including tech, corporate and bankruptcy practices, several Big Law firms have begun trimming their ranks and deferring incoming associate classes.
While the past few years have boded well for firm financials, they are continuing to see a decrease as the market levels out to prepandemic standards. From deferrals of incoming associate classes to massive cuts of lawyers and staff, law firms are using layoffs and delays as a way to manage through the market dip.
As firms continue to restructure, we will be keeping up with the changes and trends. Be sure to check back for the most recent layoff and deferral news.
Presented by BigVoodoo
Legal Speak is a weekly podcast that makes sense of what’s happening in the legal industry.
1 minute read
