Citi Report: Managing Partners Losing Confidence in Economy
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Managing partners’ confidence in the economy slumped in the last quarter of 2015, according to the latest Citi Private Bank Law Watch Managing Partner Confidence Index released Thursday.
In the Citi index, scores of 0-99 indicate a lack of confidence; 100 is neutral and 101-200 is confident. Although managing partners’ overall confidence remained in the positive range, their expectations for the economy at large slid six points to 97 in the final quarter. It was the first time since 2012 that score fell into the negative range. By contrast, confidence in the economy was 119 in the first quarter of 2015.
Leaders’ expectations about business conditions in the legal industry also declined slightly from the previous quarter, but remained positive. Expectations about future demand improved (up 11 points) but partners expected continued pricing pressure and expense growth to weigh on profits.
Managing partners’ overall confidence drifted lower in each quarter of 2015, although it remained modestly positive at 108 in the final quarter.
“While managing partners continue to feel reasonably positive about their own firms and the legal industry, their worries about the overall economy are greater,” Dan DiPietro, chairman of the Law Firm Group at Citi Private Bank, said of the results.
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