Not good for firms in 2010 according to this Bloomberg report…
Law Firm Revenue Forecast to Drop as Much as 10% This Year
Dec. 10 (Bloomberg) — Law firm revenue in the U.S. will fall 5 to 10 percent this year even after demand increased in the third quarter, according to projections by Citi Private Bank.
Law firms that rely heavily on financial services clients will be hurt the most, said Dan DiPietro, head of client relations for the bank’s Law Firm Group in New York.
More lawyers lost their jobs in the third quarter than in the second, according to DiPietro, who says some law firms are now eliminating jobs at the partner level, including so-called equity partners as well as partners who are not owners.
?Some of the tough-love conversations are happening already,? DiPietro said, ?and there’s every reason to believe they will continue.?
Law firms are struggling to maintain profits as the recession has cut demand for legal services. Many of the largest U.S. firms fired junior attorneys and staff this year, while deferring start dates for first-year attorneys. Firms including Nixon Peabody LLP and Baker & McKenzie LLP cut lawyer salaries.
?It’s not an easy year for lawyers,? Leslie Corwin, a shareholder at Greenberg Traurig LLP who advises professional services firms, including law firms, said yesterday in a phone interview. ?I’ve been doing this for 36 years and this year’s the toughest ever. We’re in a tsunami economy.?
Full story at? http://news.businessweek.com/article.asp?documentKey=1376-KUF3Y307SXKX-3
