Does the legal field have "fake work" or demand side issues?
Coming from someone with a background in tech, I feel like a lot of these layoffs, offshoring, and AI related issues that are leading to companies reducing headcount are masking the real problem in the field: a lack of demand. For example, Uber has thousands of engineers for a core product that hasn't changed much in 15 years. The FAANG companies could be cities of their own. I would say it's almost an ongoing joke amongst the industry that probably 50% of employees could get fired and these companies wouldn't skip a beat.
On the ground level, this sometimes makes it difficult to have a measured impact. You could have a crazy output but you know you're working on something nobody is going to use, or some level of busy work. A recent trend in sentiment that I've seen is employees really just crossing their fingers and hoping they don't get laid off, and I think this has to do with the demand side issue, as even good employees know what they work on doesn't actually have much if any tangible impact on the business.
Is this a problem that you guys deal with in the legal field? I would imagine all fields have similar issues, and I think about something like M&A that could have ups and downs in demand. But I do wonder if there's a more of a unique deal flow in the legal industry that keeps work fresh.
Side question that's somewhat related: When you guys work these long hours, do you feel engaged and/or that your work is contributing to your firms in a tangible way? Or is a lot of it just kinda getting through the tasks so that your peers/bosses are happy?