According to the Hildebrandt International Peer Monitor Index, demand for legal services dropped by more than 8% compared to Q1 2008, dropping sharply in January and February but flattening in March.
In New York demand for legal work fell 9.5%; and in Washington DC and London, law work fell over 12%.
Normally, law firm billing rates grow by about 7% a year. But in the last year, rates grew by less than 3%.
The study also suggests that attorney productivity, measured by billable hours, was down overall by 11.5%.
Unsurprisingly, the “good” news was in bankruptcy, where work is up 13% since Q1 2008.
Hildebrandt, part of Thomson Reuters, does merger consulting, with more than 50 consultants located in the United States and in London.
Posted by Erik Even
on May 12, 2009. Filed under Home,Law Firm News,Legal News.
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