Economy has shifted law firm leaders' attitudes

May 16, 2012
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The downturn in the economy has led to more law firm leaders accepting legal market trends that many had dismissed several years ago.

According to Altman Weil’s 2012 Law Firms in Transition survey, the legal management consulting company found that the emerging market trends that were viewed with skepticism in 2009 – when the company first produced this survey – have become majority opinions this year.

In 2009, 42 percent of those surveyed believed that more price competition will be a permanent fixture of the post-recession legal market; 92 percent believe that now.

In 2009, 23 percent of firm leaders believed that there would be fewer equity partners in law firms than in the past; this year, 68 percent believed that.

This year, 84 percent of those surveyed believe more commoditization of legal work will be a permanent change; in 2009, only 26 percent of respondents thought that was the case.  

Smaller first-year classes are most likely here to stay. This year, 55 percent responded they believe that, whereas back in 2009, only 11 percent did.

The survey also looks at the confidence and concerns law firm leaders in the U.S. have. The leaders gave themselves a median rating of seven on a scale of zero (not at all confident) to 10 (completely confident) regarding their overall confidence that their firms are fully prepared to keep pace with the challenges of the new legal marketplace. Last year, the median rating was eight.

Altman Weil found respondents’ primary concerns for the next two years include sustaining and growing profitability, succession, and attracting and maintaining talented lawyers.

The full 75-page survey is available on Altman Weil’s website.
 

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  1. A traditional parade of attorneys? Really Evansville? Y'all need to get out more. When is the traditional parade of notaries? Nurses? Sanitation workers? Pole dancers? I gotta wonder, do throngs of admiring citizens gather to laud these marching servants of the constitution? "Show us your billing records!!!" Hoping some video gets posted. Ours is not a narcissistic profession by any chance, is it? Nah .....

  2. My previous comment not an aside at court. I agree with smith. Good call. Just thought posting here a bit on the if it bleeds it leads side. Most attorneys need to think of last lines of story above.

  3. Hello everyone I'm Gina and I'm here for the exact same thing you are. I have the wonderful joy of waking up every morning to my heart being pulled out and sheer terror of what DCS is going to Throw at me and my family today.Let me start from the !bebeginning.My daughter lost all rights to her 3beautiful children due to Severe mental issues she no longer lives in our state and has cut all ties.DCS led her to belive that once she done signed over her right the babies would be with their family. We have faught screamed begged and anything else we could possibly due I hired a lawyer five grand down the drain.You know all I want is my babies home.I've done everything they have even asked me to do.Now their saying I can't see my grandchildren cause I'M on a prescription for paipain.I have a very rare blood disease it causes cellulitis a form of blood poisoning to stay dormant in my tissues and nervous system it also causes a ,blood clotting disorder.even with the two blood thinners I'm on I still Continue to develop them them also.DCS knows about my illness and still they refuse to let me see my grandchildren. I Love and miss them so much Please can anyone help Us my grandchildren and I they should be worrying about what toy there going to play with but instead there worrying about if there ever coming home again.THANK YOU DCS FOR ALL YOU'VE DONE. ( And if anyone at all has any ideals or knows who can help. Please contact (765)960~5096.only serious callers

  4. He must be a Rethuglican, for if from the other side of the aisle such acts would be merely personal and thus not something that attaches to his professional life. AND ... gotta love this ... oh, and on top of talking dirty on the phone, he also, as an aside, guess we should mention, might be important, not sure, but .... "In addition to these allegations, Keaton was accused of failing to file an appeal after he collected advance payment from a client seeking to challenge a ruling that the client repay benefits because of unreported income." rimshot

  5. I am not a fan of some of the 8.4 discipline we have seen for private conduct-- but this was so egregious and abusive and had so many points of bad conduct relates to the law and the lawyer's status as a lawyer that it is clearly a proper and just disbarment. A truly despicable account of bad acts showing unfit character to practice law. I applaud the outcome.

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