In June, the legal services sector lost more than 3,000 jobs, according to Bureau of Labor Statistics data. Since June 2012, the latest BLS data shows, the industry has seen a net gain of only 1,000 jobs. In the last two months alone, 6,000 positions disappeared.
In a properly functioning market, reduced demand would prompt suppliers to cut output in search of equilibrium. The legal profession is anything but a functioning market. In fact, it consists of several distinct and dysfunctional markets.
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