On January 10th, the Center on Ethics and the Legal Profession at Georgetown Law and the Thomson Reuters Institute released their 2023 Report on the State of the Legal Market, which seems more relevant than ever as we go into a year of uncertainty. The report confirms this (and I’ll delve into a few specific points), but overall, I’d like to remind readers that we’ve been here before – contractions in the legal industry are nothing new. The good news is that hopefully, firms have learned the lessons of 2008/2009 and haven’t forgotten them. Will there be some casualties? Yes, but that’s the nature of business. And make no mistake – the law is still a business.