The reasons for the revision are two. One is the rising tension about world trade. The other is the trouble in emerging economies, ranging from Brazil to Turkey. Here are more details from Bloomberg.
Of course, the rate of global growth has a significant impact on law firms whose business is increasingly global. Large clients such as multi-nationals can back off from bet the ranch lawsuits if they anticipate an economic slowdown.
Another challenge for the legal sector globally is the entrance of non-legal players such as BigAccounting firm PwC into the worldwide legal market.
A third, of course, is artificial intelligence. It can reduce manpower demand, be it in document review or on the macro level of planning strategy for a lawsuit.
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