New reports show weak performance in private practice firms

Some or all of these articles from American Lawyer Media may be behind paywalls. Paul Caron has a nice round-up.

Study: Demand for Legal Work Down 5 Percent This Year. "Corporate clients paid for fewer hours and spent less overall during the first nine months of 2013 than they did a year ago. During that period, Am Law Second Hundred firms picked up market share. And, despite the drop in demand, law firms were able to once again increase their billable rates. Those are the headlines from the latest LegalView Legal Market Index."

Citi: Firms' Revenue Rose 2.7 Perecent in Third Quarter. "The legal industry got both good and bad news in the year's third quarter. While the metrics that matter improved compared to the sector's first half results, cumulative results still show demand for legal services in negative territory and excess capacity worsening."

Wells Fargo: 2013's Growth Continues at Anemic Pace. "Financial results from the first nine months of the year did little to buoy what had already started off as a weak 2013 for the legal industry, with revenue rising slightly and demand lagging, according to an analysis conducted by Wells Fargo Private Bank's Legal Specialty Group."