Law firm leaders responding to an Altman & Weil survey are optimistic about market demand, even as they express concerns about overcapacity.
Leaders in 32 percent of the law firms surveyed said market demand has returned to prerecession levels, while leaders at 41 percent of the firms expected demand to return in the next few years, according to the survey (PDF) and an Altman Weil press release. Leaders of 320 U.S. law firms with 50 or more lawyers participated in the survey, including 45 percent of the nation’s top 200 firms. The Am Law Daily (sub. req.) covered the results.
On the down side, 61 percent of the firm leaders said overcapacity is diluting firm profitability. In firms with 250 or more lawyers, 74 percent of their leaders said overcapacity was a drag on profits. “Despite painful cuts made during the downturn,” the report says, “many firms are still grappling to right-size their workforces.”
