Tuesday, January 15, 2013
Citi Private Bank and Hildebrandt Consulting LLC have released 2013 Law Firm Outlook:
[W]e expect that the trends of the past four years will continue into the foreseeable future. Demand, revenue and profit growth will be modest, although overall potential for increased demand exists as financial markets settle down and the economy strengthens. Law firm leaders would be wise to draw from the lessons of the prior four years in leading their firms into the future. They can no longer rely on a rising tide that lifts all boats. In fact, the tide is out. And to paraphrase Warren Buffett, it’s only when the tide goes out that you discover who’s been swimming naked. Don’t get caught swimming naked.
Tax practice is projected to decline 2%, the fifth worst performance aamong seven practice areas:
- Above the Law: BigLaw: Welcome to the New Normal (Which is Not Unlike the Old Normal.)
- American Lawyer: Report: The Boom Years Are Not Coming Back, Get Used to It
- Thomson Reuters: Report on Law Firm Industry Is Cautiously Optimistic for 2013
- Wall Street Journal: 2013 Law Firm Outlook: ‘Don’t Get Caught Swimming Naked’