June 14, 2005
Outlook for 2005 is Positive
Private US law practices can take comfort in the fact that 93% of managing partners have a positive economic outlook for 2005. That is the results of the Juris, Inc. recent survey of mid-sized law firms. One-hundred and seventy-five (175) law firms responded. The strength of the recovery among mid-sized firms is evident in the survey results for anticipated growth in revenue for the current year. 44% of firms expect revenue to increase by 11% or more. An additional 49% expect a level to 10% growth for 2005.
However, downward pressure on price continues, especially from insurance clients and large corporate transaction service buyers. In response, we are seeing firms look to technology for solutions that counter the downward pressure on rates from clients. Firms are investing in tools that make managing rates easier and that increase productivity and realization.
Related posts
Filed under Blog by Tom Collins