RELX Plc (REL.L): Strong employment rate for US law school graduates, with number of US legal employees at an all-time high

Research evidence excerpt

Equity Research

10 August 2026 | 8:47AM BST

RELX Plc (REL.L): Strong employment rate for US law school graduates,

with number of US legal employees at an all-time high

Data from the National Association for Law Placement (link) shows that the class of

2025 law school graduates saw the second highest overall employment rate on

record, at 92.8%. This is slightly down from 2024’s record high of 93.4%.

However, the 2025 class was 7% smaller than the bumper class of 2024. In raw

numbers, private law firms hired 4.5% fewer lawyers in 2025 than in 2024, but 7.1%

more than the class of 2023. Hiring by large law firms (>500 lawyers) was down

7.6% yoy, but up 3.5% vs 2023.

Adam Berlin

+44(20)7051-1586 |

Goldman Sachs International

Pulkit Gubgotra

+1(332)245-7520 |

Goldman Sachs India SPL

James Tate

Goldman Sachs International

We note that according to the US Bureau of Labor Statistics, the number of people

employed in US legal services reached an all-time high in July, up 2% yoy.

There is an investor debate on whether RELX Legal revenues could come under

pressure if the number of people employed in Legal Services was to come under

pressure due to AI-led efficiency gains. We do not believe this should be a major

investor concern, especially given the latest data points.

Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors

should be aware that the firm may have a conflict of interest that could affect the objectivity of this report.

Investors should consider this report as only a single factor in making their investment decision. For Reg AC