Law Firm Consultant Issues 'Grimmest Ever' Forecast
The situation likely will get worse for many law firms struggling to cope with the economic firestorm before it gets better, a well-known legal consultant predicts.
In a Hildebrandt International client advisory described by director James Jones as “the grimmest one I’ve ever written,” he says layoffs can be expected at a number of law firms, reports the National Law Journal.
Joyce also predicts flat law firm profits, at best, and a drop of as much as 15 percent in profits at some partnerships. “We see 2009 being a tough year,” he tells the legal publication. At the earliest, the economy won’t begin to turn around until the end of the year, he says.
There is a little good news, however: countercyclical practices, such as bankruptcy and litigation, as well as regulatory work, are starting to pick up.
Related coverage:
ABAJournal.com: “Legal Market Predictions: Double the Extreme”
AmLaw Daily: “Welcome to the Future: A Tale of Two Cities”
ABAJournal.com: “Will 2008 Be Law Firms’ Worst Year Since Early 1990s?”
