Managing partners of the nation’s largest law firms are bullish about 2016 according to this annual survey of leaders of AmLaw 200 law firms. One-hundred four 104 firm leaders participated and were asked about overall conditions of the legal industry and their firm’s outlook for the coming year. This five-page article discusses survey’s findings. Among the highlights:
- Thirteen percent (13%) of firm leaders are “very optimistic” about 2016. Another sixty-eight percent (68%) are “somewhat optimistic.”
- Sixty-eight percent (68%) predict the US economy will maintain its current pace of growth in 2016.
- While eighty-eight percent (88%) of firm leaders say their firms will increase their total lawyer headcount, seventy-five percent (75%) anticipate asking some senior partners to leave.
- Eighty-eight percent (88%) project that billing rates will remain flat in 2016 compared to 2015, the highest percentage since 2009.
- Seventy percent (70%) of managing partners are concerned that many partners are staying too long.
- On average, fourteen percent (14%) of firm revenue is achieved through alternative fee arrangements, the same percentage as the last few years.
What’s your firm’s outlook for 2016? We hope it’s looking good!