The fourth quarter of 2023 was unforgiving to the legal field, with broad-based decreases in employment and increases in unemployment. The legal industry’s negative numbers came despite otherwise rosy macroeconomic news on inflation, jobs, and GDP growth.
While the legal field ended 2023 with higher overall employment than when it began (1.88 million versus 1.82 million), the quarterly drop in legal employment from Q3’s post-pandemic high of 2 million, and the rise in unemployment likely mean that more legal workers were on the job hunt in a tighter market in Q4 than in the previous quarter—potentially foreshadowing trouble ...
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