Most law firm leaders expect demand for their services to increase by less than 5 percent in the second half of 2016, according to a report released Thursday by Citi Private Bank’s Law Firm Group. The majority of those surveyed predicted that net income would grow, but not as much as revenue, suggesting that firms are also forecasting an increase in expenses.
Only 8 percent of the 155 law firm executives surveyed by Citi are predicting that demand, as measured by billable hours, will rise by more than 5 percent over the next six months. Twenty percent expect demand to decrease.
Nearly 80 percent said that revenue will grow, while just over 70 percent said that net income will grow.
The firm leaders had lukewarm confidence in the overall economy, according to the report. While 44 percent said that they expect the economy to improve, 34 percent said that they expect it to remain the same, and 22 percent think that the second half of the year will be worse than the first half.
