TBA Law Blog


Posted by: Paul Burch on Nov 6, 2023

During the fall of 2023, U.S. law firms pulled back on first-year associate hiring in an effort to bolster profits and hold down three years of rising expenses, according to the Thomson Reuters Institute’s latest Law Firm Financial Index released today. Reuters reports the average number of new first-year associates at Am Law 100 firms was down nearly 17% in September, compared to the previous two years. First-year class sizes were down an average 25%, while midsize firms brought in 9% fewer first-year associates. Am Law 100 firms are on track to end the year with profit growth while midsize firms are likely to end with profits even to 2022.