Wednesday, September 5, 2012
Companies’ demand for legal services is falling in nearly all areas of the law except labor and employment — the lone area where the fallout of the recession appears to be helping rather than hurting large law firms.
While demand for corporate-, real estate- and bankruptcy-related work all dropped 2 to 3 percent, labor and employment work rose nearly 5 percent during the second quarter of 2012 compared with the second quarter of 2011, according to a survey of the nation’s 135 largest law firms by the Hildebrandt Institute’s Peer Monitor Index, a unit of Thomson Reuters. Demand for legal services in the Washington market dropped 2 percent, compared to 0.2 percent nationally.
Although labor and employment work represents a relatively small chunk of the legal market — 8 percent, compared to litigation (33 percent) and corporate (23 percent) — it is the only practice area that has consistently posted growing demand for the past 18 months.