According to new data from the U.S. Bureau of Labor Statistics, the legal services sector lost 600 jobs in March, which is the first monthly employment decline since September. The industry now has 1,180,900 jobs, which includes lawyers, paralegals, and other legal professionals.
Legal employment has dropped by 7,000 jobs since hitting a historic high in July, although the number of jobs has stayed relatively consistent over the past few months. However, several large law firms, including Gunderson Dettmer and Kirkland & Ellis, have recently announced job cuts due to a cooler M&A environment and decreased demand.
Legal recruiting firm Major, Lindsey & Africa predicts that there may be more layoffs in the industry in the coming months.