Confidence falls to new low as outlook darkens
Business confidence has plunged to a new low as law firms face up to a grim outlook for 2009 with three out of four partners expecting revenue to fall or remain static among the UK top 50.The latest quarterly Legal Week Business Confidence survey found that only 5% of respondents believe revenue at their firm will rise by double digits over the next 12 months. The result, a sharp drop on 2007 when two-thirds of partners were regularly predicting 10%-plus growth, is the fifth quarter in a row in which projected fee growth has dropped in the survey.However, 23% still expect to see growth of 0%-5% and a further 17% are expecting increases of 5%-10% at their own firms. The poll of 120 partner respondents found that 25% believe that revenue at their firm will remain static over 2009 and more than a quarter (26%) expect to see revenue fall.
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