The squeeze is on to extract as much profit from the 2023 fiscal year as possible, according to a new survey by LawVision and BigHand that shows declining optimism about year-end profits among law firm leaders and an increased emphasis on measures to improve them.

Profitability satisfaction is down from 87% of those surveyed last year to 63% this year, according to the recent survey of managing partners, COOs, CFOs, pricing chiefs and other senior law firm professionals at 50 firms in the U.S., Canada, United Kingdom and Europe. Big Law firms comprised roughly 40% of the survey, which also included midsize firms and boutiques. The survey was administered between June and August.