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: Larry Bodine's LawMarketing BlogOptimism in the Face of the Recession
By Larry Bodine, Esq.
I got this on Monday:
-----Original Message-----
From: CNN Breaking News
-- The U.S. entered a recession in December 2007, according to the National Bureau of Economic Research.
--------------------------
Leave it to the government to tell us something we've known for a year. On the bright side, a new ALM Law Firm Leaders Survey 2008 shows glimmers of optimism:
| Looking ahead to 2009, with respect to your law firm, you are: | Percentage |
| Optimistic | 38% |
| How do you expect the deal flow in 2009 to compare with 2008? | Percentage |
| Increase | 29% |
| In which practice area do you expect to see the most revenue growth in 2009? | Percentage |
| Litigation | 42% |
| What will you do with billing rates for 2009? | Percentage |
| Increase them by more than 5 percent | 35% |
| In light of forecasts of flat or reduced profits per partner for the Am Law 200, how would you characterize the morale among the partners at your firm? | Percentage |
| Somewhat optimistic | 41% |
My friend Bob Weiss of Alyn-Weiss & Associates, Inc.® in Denver, CO, just wrote me, "We tend to represent regional-local firms of less than 100 lawyers— all of our clients of this size, while concerned about next year, will have record revenue-profitability in 2008. More than half are hiring and actively seeking laterals, particularly for IP disputes, to lesser degree for IP prosecution/registration. The more you get to the middle of the country, it seems, the better the results for 2008."
Full post as published by Larry Bodine's LawMarketing Blog on December 03, 2008 (boomark / email).
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