Partners braced for falls in revenue and profits
Nearly two-thirds of senior lawyers expect revenue at their own firm to be down on last year, according to Legal Week research. Based on responses from more than 100 partners, The Big Question found that 59% are expecting a fall in revenue at their own firm in 2008-09 compared to last year, with 24% expecting increases and 17% expecting revenue to stay flat. More than a quarter of respondents thought revenues would be down annually by between 15% and 10%.
Two-thirds of partners expect falls in revenue for 2008-09 at their own firms, but most are more bearish on rivals’ performances; while many believe 2009-10 will be tougher. Jeremy Hodges reports
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