The New York Law Journal reports that the number of lawyers in the top 100 firms in New York City has declined yet again.
The number of attorneys employed full time by the largest private law offices in New York continues to decline, a trend that began with the 2008 financial crisis, according to data gathered for the New York Law Journal’s annual NYLJ 100 survey. Hiring is up, however, among regional and out-of-state firms….
Among these 100 law offices, 53 saw a net loss of New York attorneys from 2012 to 2013; two saw no change and 43 had a net gain. (Year-to-year changes in two firms’ head count could not be calculated due to mergers.)
The amount of work clients need to have performed certainly has not declined in total since 2008. Does this mean work is going elsewhere? That firms are becoming significantly more efficient in how they handle work? Both? Neither?
I would love to see data on this point, but my guess is that work is being moved to lower cost providers and some measure of the work is being handled by LPOs. Just a hunch.