It’s been a month of seemingly conflicting signals when it comes to law firms’ financial fortunes.
Thomson Reuters Peer Monitor Index and Citi Private Bank’s Law Firm Group both found that law firms boosted revenue in the fourth quarter of 2017, amid a much-welcomed uptick in demand. At the same time, two separate surveys of top in-house lawyers showed that GCs and chief legal offices are scrutinizing their outside law firms more closely, with nearly half expecting to fire their firms this year. Law department leaders also said they’re spending a larger proportion of their budgets on in-house legal services rather than on outside firms.
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