Peer Monitor has reported a 0.9 per cent decline in demand for legal services in the US market across the second quarter, marking the first time in ten consecutive quarters that demand hasn’t continued its upward trajectory. Peer Monitor measures demand as growth in billable hours and incorporates data from 151 firms including 53 from the AmLaw 100, 42 from the AmLaw 200 and 56 midsized firms. Researchers concluded that the softer market fell hardest on the bottom half of the AmLaw 200; demand across the AmLaw 100 was down 1 per cent this quarter and 0.2 per cent so far in 2016, compared with 1.8 per cent for the second quarter for firms in the AmLaw 200. Midsized firms, defined as those with 200-plus attorneys which are not part of the AmLaw 200, have been largely unaffected by the slump in demand.
Source: American Lawyer
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