And the bad news about the law market keeps on coming
From Legal Ethics Forum:
Citibank advisory for 2013 suggests that big law economics are still under great pressure
The report is available below. Intro graf:
For the legal industry, the results in 2012, another turbulent year, were largely a repeat of trends that emerged over the prior three years. In fact, we think it is time to let go of any lingering notion that the industry will revert to the boom years before the Great Recession anytime soon. With profit growth and other financial indices reaching lower setpoints in the past four years, we anticipate that the current state of the industry will remain the norm for the foreseeable future. With this view in mind, we are taking a step away from our typical year-on-year analysis. Part I of this Client Advisory contrasts the four years prior to the Great Recession and the four years after, to discern the hard lessons learned by law firm leaders. Part II discusses how to apply those lessons going forward, using today’s logic.
On the other hand, one of my faculty colleagues had lunch with a big farm partner who said they’re doing fine, so I guess we can all breathe easy.