New information from Wells Fargo’s Authorized Specialty Group within the first half of 2022 has discovered that easing consumer demand amid rising prices is leaving newly employed attorneys with a scarcity of labor.
In 2021, a increase in company work prompted companies to construct up their legal professional numbers, with lawyer headcount growing by over 5% year-over-year among the many 120 massive, mid-size and regional companies surveyed by Wells Fargo. Nevertheless, slowing deal work has seen lawyer productiveness drop to virtually 5% in comparison with a yr in the past.
The findings by Wells Fargo are much like these launched every week in the past by the Thomson Reuters Institute. The findings warn that regulation companies are dealing with financial struggles as a result of a drop in demand and rising prices.
Wells Fargo discovered that, among the many companies surveyed, lawyer compensation prices have been up virtually 17% over the previous yr and basic bills had elevated by over 14%.