Law Firm Leaders' Confidence Grows Despite Demand Jitters
A Citi Private Bank survey of managing partners' confidence in the second half of 2017 shows they are more bullish on demand, despite meager growth in the first quarter.
July 11, 2017 at 05:15 PM
6 minute read
Law firm leaders are slowly, surely gaining confidence in the strength of the U.S. economy and the outlook for their businesses, according to a report released Tuesday by Citi Private Bank.
The quarterly survey of law firm managing partners' projections for the future showed demand projections increased, which may prove to be a bullish outlook for an industry that has been dogged by stagnant demand, particularly among Am Law Second Hundred firms.
A separate Citi report on law firm financial results from the first quarter showed demand rose a mere 0.4 percent among a survey of 180 firms. The results were stratified, with Am Law 100 firms posting better results than their counterparts in the bottom half of the Am Law 200. Seventy-one percent of firms in the Second Hundred experienced a drop in demand, compared to a surveywide figure of 52 percent of firms experiencing a drop in demand, the report found.
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