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Managing partners are losing confidence in the economy in a big way, says a new index issued by Citi Private Bank Law Watch. The Managing Partner Confidence Index covers the first quarter of 2008. This is the fifth index released by Citi Private Bank, which first began polling managing partners about their faith in the economy in the first quarter of 2007. Since then, each index has shown a steady decline in confidence, but this most recent survey marks the first time that managing partners were, on average, more negative than positive. Participants ranked their confidence in the economy using an index that ranges from zero to 200, with 100 representing a neutral position. The survey found that managing partners averaged 50 for their confidence in the economy at large. That’s a 19-point drop from the previous quarter. Managing partners also reported an average index of 67 for confidence in business conditions of the legal profession, an 11-point drop from last time. Nearly 150 managing partners participated.
Marisa McQuilken can be contacted at [email protected].

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