Only 5% of the survey respondents said they were somewhat pessimistic about 2017.
Data from The American Lawyer’s 14th annual Law Firm Leaders Survey reveal that 69% of respondents were moderately optimistic about 2017 when asked about their firms’ prospects.
Among the 103 law firm bosses who responded to the survey conducted from early September to mid-October, 14% indicated they were “very” optimistic, 10% said they were uncertain and only 5% said they were somewhat pessimistic, The American Lawyer reports.
In terms of areas that are seen to generate the most cash, 32% said corporate. This is followed by litigation which was identified by 27%, real estate (10%) and bankruptcy and intellectual property (both at 7%).
Nonetheless, the publication noted that Donald J. Trump’s win may mean this could change as the President-elect has made various campaign promises. For example, he had accused the Feds of keeping interest rates artificially low. A hike in interest rates may mean bankruptcy work will increase, notes the publication.
In terms of growth, 70% said they expected to grow their firm’s headcount by 1-5% next year while 9% said they expected staff to grow by 6-10%.
Meanwhile, 26% said they expected profits per equity partner to increase by more than 5% next year. The survey revealed that 47% expected an increase of 5% or less. However, 24% said profits per equity partner is likely to be flat next year, followed by 3% who said they expect a decrease of 5% or less.
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