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Perspectives

Law Firm Leaders Confidence Index 1H 2019

By Citi Private Bank,

January 11, 2019Posted InLaw Firm Group

We are pleased to announce the release of Citi Private Bank's Law Firm Leaders Confidence Index Survey 1H 2019, which captures the outlook of law firm leaders on the economy and their law firms.

Key findings include:

  • Law firm leaders showed lower overall confidence as they projected out the first six months of 2019.
  • This was driven primarily by concerns regarding broad economic activity - with confidence in the global economy falling below neutral - and less so by their outlook on the prospects for their own firms, and in turn, the legal industry.
  • Law firm leaders remain highly confident in demand growth at their own firms. They also continue to project some relief from pricing pressure and some acceleration in revenue growth.
  • However, leaders are less confident in the pace of growth they will see in net income, suggesting continued pressure from expenses.
  • There was a material increase in projected equity partner headcount growth. Expected growth levels in other lawyers remains positive, and firms continue to be very bullish in their projected associate headcount growth.

The Law Firm Leaders Confidence Index survey was conducted in October 2018 and captures the outlook for the first half of 2019, based on responses from the Managing Partners, Chairs, Executive Directors, COOs and CFOs of 155 law firms (30 Am Law 50, 29 Am Law 51-100, 44 Am Law 2nd 100, 52 niche/smaller).

For more information about Citi Private Bank's Law Firm Leaders Confidence Index Survey, please contact us.