A law firm profitability index reached a new low at the end of 2022, as hits to revenue and productivity “have nearly eaten through” record profits from 2021, according to a new analysis.

The latest Law Firm Financial Index report from Thomson Reuters shows contracting demand, along with a big dip in productivity, combined to take a significant chunk out of firm profits toward the end of the year. Those factors, as well as a historically high baseline of the fourth quarter in 2021, dropped the index—a composite score of firm profitability—to its lowest point ever.

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