Business confidence at top commercial law firms has been further battered by gloomy economic news in the current quarter - but nearly one in two partners still expect their firms to achieve revenue growth this year.Conducted a month after the market-shaking collapse of Lehman Brothers and in the week that senior politicians conceded the UK is now in recession, the Legal Week quarterly Big Question business confidence poll fell to its lowest-ever recorded level.Just 6% of respondents predicted revenue growth of more than 10% over the next 12 months, the fourth quarter that confidence has fallen in the poll. As recently as last year 60% of respondents were regularly predicting double-digit increases in turnover. The findings also indicate firms have revised their growth projections downwards since the last poll in July, when two-thirds of respondents were still expecting revenue growth.
October 30, 2008 at 12:02 AM
1 minute read
The original version of this story was published on Legalweek
The Lehman effect and looming recession sends partners’ confidence to a new low, but 49% still expect their revenue to grow; firms are switching their investment towards restructuring and litigation practices. Emma Sadowski reports
Business confidence at top commercial law firms has been further battered by gloomy economic news in the current quarter – but nearly one in two partners still expect their firms to achieve revenue growth this year.
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