2016 State of the Legal Market
January 24th, 2016 / By Deborah J. Merritt
Georgetown Law’s Center for the Study of the Legal Profession has released its 2016 Report on the State of the Legal Market. The data-driven study of mid-sized and large law firms repeats many of the same findings that researchers have reported since the Great Recession. The news, unfortunately, is that there is nothing new. In 2015, as in other recent years, demand for law firm services “was essentially flat,” productivity among lawyers at those firms declined, and realization rates “plummeted.” (A realization rate “is the percentage of standard billing rates that is actually collected.”)
In sum, “2015 will go down as another overall lackluster year in terms of law firm financial performance.” Yikes. What does that mean for law schools? (more…)
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