Posted Mar 18, 2013 10:27 pm CDT
Law firm leaders are more confident than they’ve been in in months about the legal industry’s financial future and expect to see increased revenue and profits this year.
But many also expect little new hiring and pressure from corporate clients to keep billing rates down, according to the latest survey by Citi Private Bank. An executive summary of the bank’s Managing Partner Confidence Index notes, too, that law firm expenses are rising, reports the Wall Street Journal Law Blog (sub. req.).
“It’s a classic supply-and-demand imbalance,” says senior client advisor Gretta Rusanow of the bank’s law firm group. “If clients know there are more lawyers than work, they hold the advantage to demand discounts.”
Am Law Daily (sub. req.): “The Am Law 100, the Early Numbers: Mostly Modest Growth for a Dozen Top New York-Based Firms”