Law Firms See Fall in Revenues
The Census Bureau's quarterly services survey showed that the legal industry's revenue fell by about $970 million in the previous quarter. This drop wiped out gains made in the second quarter of 2011 when revenue had grown from $60.74 billion in the first quarter to $61.74 billion. J.P. Morgan has said that most law firms have been facing stagnancy after peaking in mid-2008. The legal industry has also lost around 3,000 jobs in the past 12 months.