BigLaw's Mixed Bag: Layoffs, Strong Performance, and Low Billable Hours in Q1 2023
TL;DR Summary
Wells Fargo Legal Group is projecting a recession to begin in the second half of 2023, which could lead to more layoffs among Am Law 100 firms if the demand picture doesn't improve. The group expects firms to be vigilant on expense management and seek operational efficiencies to offset required investments for in-person meetings and infrastructure improvements.
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