In the legal sector, some practice areas have declined in recent years.For example, personal-injury and medical-malpractice cases have been undercut by state laws limiting class-action suits, out-of-state plaintiffs, and payouts on damages, and securities class-action litigation has declined in part because of a buoyant stock market.How does this affect the market for lawyers?

Question

Quizplus · Accepted Answer

As the demand for certain practice areas decreases, the demand for lawyers in those areas also decreases, causing a shift of the demand curve to the left. This means that the market for lawyers is negatively affected, with fewer jobs and lower salaries available in those practice areas. However, it does not necessarily mean that the overall demand for lawyers decreases or that the supply of lawyers shifts to the left.

In the Legal Sector, Some Practice Areas Have Declined in Recent