Tuesday, March 19, 2013
The Citi Private Bank Law Watch group released the results of a survey of top law firm managing partners (the number and identify of the firms is proprietary) revealing that they are much more optimistic about the future of law practice than they were just a couple of months ago. The majority of those surveyed expect revenues to be up this year, if only modestly. From the executive summary:
Managing partners’ overall level of confidence increased during 4Q’12 and sits comfortably above the neutral level. Renewed confidence in the economy at large, and business conditions for the legal profession, is driving an uptick in demand projections, which in turn, is reflected in renewed confidence in revenue growth. However, managing partners voiced increasing concern about discounting pressure and expense growth.
The Wall Street Journal Law Blog also has a nice summary here noting that firms are still worried about the downward pressure on fees due to the oversupply of lawyers.