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Layoffs, Expenses and Return-to-Office Policies Top Worries of Law Firm Leaders In 2023
While economic troubles and fears of a recession are top concerns for law firm leaders now, some shifts within the legal industry are also triggering alarm bells.
Interviews with more than a dozen law firm leaders identified a growing list of challenges that Big Law itself is grappling with now, such as lower law firm demand and the possibility of layoffs, the balance of remote and office work, increasing compensation expenses, and sensitivity over billing rate increases.
While some of these pressures were around in past years, Big Law leaders and analysts suggested they are reaching an inflection point.
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