Managing partners of Texas firms expect to grapple with challenges in 2016 ranging from uncertain energy prices and how that affects clients’ business, to firm issues such as retaining lawyers, hiring laterals, keeping lawyers busy and dealing with downward pressure on billing rates.
Despite the challenges, 65 percent of the Texas firm leaders who participated in the 2015 Texas Lawyer Managing Partners Survey said they are “somewhat optimistic” about growth opportunities in the Texas legal market in 2016. Another 18 percent are optimistic, and 18 percent are somewhat pessimistic or pessimistic about growth opportunities next year.
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The other top growth areas were commercial litigation with 49 percent and corporate and securities with 24 percent. The other areas in which firm leaders expect a significant decrease in work are commercial litigation and real estate, each with 21 percent.
