Law firm leaders predict slow growth, remain optimistic
The American Lawyer’s annual leaders survey has reported the outlook of managing partners going into 2014, who predict slow growth amid low demand. comments powered by Disqus
In spite of these sober assessments, however, two-thirds of the 105 leaders responding to the survey were “somewhat optimistic” about the prospects for their firms in 2014. Another ten percent were “very optimistic”, which means that 75 per cent of law firm leaders are possessed of the notion that their firm will do better than the industry trend.
Other key figures from the survey: 85 per cent of managing partners said they were somewhat worried (61 percent) or very worried (24 percent) about partners who are not billing enough hours. Almost 70 percent are concerned that some partners are staying on too long before retirement.
The survey indicates that law firm leaders think litigation will be the hottest area in lateral hires, and Washington will be the the city where most of the action is going to take place.