Monday, January 31, 2011
As reported by AmLaw Daily, the legal consulting firm Hildebrandt released data on Friday showing that the demand for legal services, particularly transactional work, rose slightly in the fourth quarter. During the past year the demand for bankruptcy services receded just a bit which also tends to support the view that the economy is getting better and we'll see improved growth and hiring by law firms in 2011. From AmLaw Daily:
On Friday, Hildebrandt issued its latest Peer Monitor Index Report and the picture it paints is a bit rosier. Examining data from last year's fourth quarter, the report reveals that demand actually rose for the first time since the recession began. Though the increase was small--just 1 percent compared to the same period last year--it was nonetheless an encouraging sign.
'It's a little too early to declare any major tonality shift, though I think the fourth quarter was a much more optimistic casting type of a quarter,' says Mark Medice, Hildebrandt's program director for Peer Monitor.
Though demand remains much lower than it was in prerecession times, Medice says that one reason for optimism is that core practice areas, specifically litigation, saw a bump in demand during the fourth quarter after being stagnant for most of the year.