Law firm leaders hopeful, if uncertain, for 2016
Law firm leaders are positive about the coming year, but uncertainty is rising, according to American Lawyer research.
Thirteen per cent of respondents said that they were ‘very’ optimistic about 2016 with respect to their firms, while 68 percent said that they were ‘somewhat’ optimistic. But the percentage of leaders who said that they were uncertain about the year ahead jumped to 13 per cent from two per cent a year ago, and another five per cent said that they were pessimistic.
Wary of economic and industry trends
While hopeful, managing partners and chief executives are increasingly wary of economic and legal industry trends, including slowing economic growth, lessening demand for legal services and discounting pressure from clients. Ninety four per cent also said they didn’t expect to be able to raise billing rates much next year, citing intensifying competition as a price constraint.
Source: Global legal post – Law firm leaders hopeful, if uncertain, for 2016
