Law Firms Slump Amid Economic Downturn: Report

Law360, New York (September 23, 2008, 12:00 AM EDT) -- Law firms are feeling the economic slowdown, with billable hours and other indicators of financial success dropping at firms from Los Angeles to London, according to the latest Peer Monitor Economic Index report from Thompson West, a Thompson Reuters company.

While the index saw a modest gain in the second quarter, demand actually softened by 2 percent. Cost reductions and good rate growth caused this quarter's bump, said Mark Medice, editor of the report.

The report called 2008 “a year of balance,” stating that while demand...
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