Welcome to our coverage of recent trends in the legal sector, notable numbers in specific markets, such as New York, that are likely to be of interest for law firms and in-house counsels. Today’s focus is on the recent uptick in Big Law attorney headcounts in New York.
Recorded over the past year, the largest New York law offices have seen an average growth in lawyer headcounts by 3%. Compared to 2021-2022’s figures, this is about a half rate of increase, underlying a perhaps slower yet continued expansion in the sector. Two major firms that have reported even higher gains are Kirkland & Ellis and Latham & Watkins, with gains of 7% and 6% respectively. For further specifics, do check out Crain’s New York Business report on New York City’s largest law firms for 2023 here.
In related news, the firms of Boies Schiller Flexner and their partner continue to be in dialogue regarding the $19 million in fees and expenses they’re seeking for work in a loan-servicing contract. A deeper dive into this topic is warranted for a complete understanding.
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Coming back to the main discussion, whether the slowed pace of lawyer headcounts signifies a cooling-off period or merely a balance in expansion strategies is a matter of perspective. Regardless, the silver lining remains that industry growth continues to be on the positive side, albeit at a slower pace.
For more detailed information and analysis, visit the original coverage on Bloomberg Law.