Well, it’s that time of year again – time to look back at last year, dust off the crystal ball, and try to make some wild guesses as to what 2006 will have in store. Here’s this consultant’s view of the trends that will impact Connecticut’s legal marketplace this year:
1.) Law firms are doing well, and their partners are doing better. When this newspaper publishes it annual Trib 25 survey, it will show that revenues and profits for Connecticut’s largest firms have increased again. So has net income per partner. While in some cases this improvement is due to effective management, the honest truth is that a lot of the gains are primarily due to higher billing rates. The fly in this ointment is that push-back from clients on rate increases is becoming more widespread and more insistent.
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