As I review fiscal year 2008 data reported by the Law Firm Group at Citi Private Bank in our latest survey, I see some bad news - and some really bad news.First the bad news: profits per equity partner (PEP) were down 3%; this figure would have been a bit worse if the three Am Law 200 firms that failed last year were included. 'Bad news?' you ask. 'That is much better than we had expected. I guess law firms have once again shown they're bulletproof.'"This sort of reaction shows why this is truly bad news. When I say at partner retreats that the average Joe and Jane are change-averse, but lawyers are even more so, I get a lot of knowing chuckles. It takes really, really bad news to move lawyers to accept change. My fear is that this 3% decline will be greeted with relief and complacency.I have a story that supports my concern. Recently I had lunch with an executive committee member of a
May 13, 2009 at 10:10 PM
1 minute read
The original version of this story was published on Legalweek
Early financial data suggests a grim 2009. It’s the perfect time for firms to fix their business model – if they have the courage, says Dan DiPietro
I review fiscal year 2008 data reported by the Law Firm Group at Citi Private Bank in our latest survey, I see some bad news – and some really bad news.
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