"Demand has faltered in ways the legal industry hasn't seen since the Great Recession, but industry analysts warn against reading too much into it just yet." - Andrew Maloney, Law.com, November 16, 2020.
So?
The Law.com article itself warns against forecasting whatever based on the current downward trajectory of demand. As is well known, for a number of law firms Profits Per Partner had still increased. That was primarily because of a boost in pricing.
On a pragmatic basis, declining demand only matters if one's own law firm is experiencing that. Then immediately there should be a "reverse engineering" of all the assumptions and moving parts. Next, the course correction should be implemented.
If your own law firm isn't experiencing a falloff in business, then that provides bragging rights. Your marketing/PR teams will help you position and package that development as story snippets you can share with all constituents.
But, more importantly, haven't we learned over and over again not to take forecasts too seriously. Remember the 2016 Election? Remember the 2020 Election and the forecasts by media?
In the 1960s, the government projected a shortage of college humanities professors. To meet that need it created the NDEA IV Fellowship. I was among those awarded that free ticket to earn a doctorate in English Literature and Linguistics. The government was wrong. We became The Lost Generation of Scholars.
Those in the most primitive form of forecasting - psychics - educate clients that they have the power to outwit destiny. Since, for example, they are aware they will lose their job they can make it their business to prevent that from happening.
If demand continues to decline, some firms will probably go out of business. Those are the ones which really struggled when the first round of COVID-19 was at its worse. The founder of Morgan & Morgan - John Morgan - reported that there were times when he was in a fetal position.
As for the forecasting industry itself, there is the possibility that demand for its projections will also decline.
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