Managing partners show declining confidence in the legal industry, survey finds
Law firm managing partners are showing continued confidence about the pace of revenue and profit growth for their own firms, even as they feel less confident about the legal industry in general, according to a survey released on Thursday.
For the third quarter in a row, managing partners responding to the survey expressed less confidence in economic and legal industry growth, report the Am Law Daily (sub. req.) and Bloomberg BNA Big Law Business. Despite the drop, confidence in the economy and legal industry was rated slightly above neutral.
Gretta Rusanow, who leads advisory services for the Citi group, issued a statement offering this assessment of the survey results: “While managing partners see the challenges in the market, many feel they have built a brand and a business model that can grow regardless.”
Rusanow noted a scale back for litigation work for traditional law firms and some growth on the transactional side, though it is more modest than last year.
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