The American Lawyer
magazine's most recent Leaders Survey, which polls leaders at the nation's top 200 law firms, showed that lawyers are very optimistic about their business in 2007 and beyond even though they only expected the overall economy to improve a little.
- Firm leaders predicted that profits per partner will continue to rise, billing rates will increase and clients will continue to pay their bills on time.
- The greatest opportunities and sources of revenue growth are expected to be litigation, corporate activity and intellectual property, the respondents said.
- The biggest challenges for law firms this year include attracting major lateral partners, collaborating among partners for cross-selling and business development and recruiting minority candidates. Clients' increasing use of putting businesses up for bid through requests for proposal is another concerning area.
- Law firms are specifically looking for vendors to help them with marketing and client retention, as well as any process that helps their businesses to run more efficiently or effectively, including advanced IT capabilities, respondents said.