US Survey predicts that still more equity partners face the axe

September 8, 2010 A new report from Citi Private Bank predicts that law firms will cut more equity partners in the near future.

The survey of 187 law firms shows that revenues have remained flat for the first six months of 2010, with demand dropping slightly. And while many in the industry have been eager to announce the beginning of a recovery, chairman of Citi's Law Firm Group Dan DiPietro and senior client adviser Gretta Rusanow have given the view that: “At best, we may have reached a bottoming out.”

DiPietro and Rusanow point out that cutting equity partners has been “a focal point” for firms in 2010, and they predict it “will continue to be a priority throughout 2010.”

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