Law firm leaders are likely to face mounting pressure to make cuts wherever they can find them as the end of the year approaches, with demand falling 0.7% relative to the same period last year and productivity falling 3.8%, according to a report published Monday.

Every practice area sans labor and employment, which saw a modest 0.4% gain, saw declining demand, according to the latest Law Firm Financial Index report from Thomson Reuters. And even “historically high” billing rate growth, pegged at 4.8% relative to the third quarter of 2021 across law firm segments, is being eclipsed by inflation.