As 2006 comes to a close, it is clear that most law firms are performing very well financially. Throughout the year, firms of all sizes have enjoyed solid productivity and a healthy pipeline of fee inventory. While we will not know the final performance tallies for a few more weeks, we expect firms to post sizeable gains in revenue and profits per equity partner. High single-digit to low double-digit increases in both measures will be common.
As we turn the calendar to 2007, law firm leaders will once again be able to tell their partners that their firm hit-or exceeded-budget and that their income will increase. That’s the good news. The bad news is that, as firms have grown more profitable and pushed harder on the drivers of their firms’ economics, it is becoming difficult to identify ways to ensure that the double-digit increases in profitability will continue.
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