Citi Law Firm Survey: Hard Times Won't End Soon, Managing Partners Say
Quarterly results released today from a Citi Private Bank Law Watch survey don’t paint a rosy picture of the financial future for major law firms.
Although bankruptcy practices are thriving, even litigation—which normally does well in a downturn—is slower than expected, apparently because of corporate belt-tightening, reports the Blog of Legal Times.
At best, profit growth will be perhaps 5 percent over the next year, predict about 120 managing partners from primarily BigLaw firms. But that growth will be counterbalanced by expected expense increases of some 5 to 10 percent.
And the majority of managing partners see a gloomier future, the survey says. Almost two-thirds—64 percent—predict revenue will stay flat or decline over the next year, according to the law blog.
Additional & related coverage:
Legal Week: “Law firm leaders predict further drop-off in work”
ABAJournal.com: “Are Layoffs Over? Most Law Firm and Corporate Lawyers Surveyed Think So”
Updated at 12:45 p.m. on March 31 to add link to subsequent Legal Week post.
