Law Firms Are Hurting, And It Will Get Worse: Survey

Law360, New York (August 20, 2008) -- The present is bad and the future is not looking any better for law firms: with weak revenue growth and increasing expenses, 2008 is turning out to be the worst year the legal industry has faced since 2001, according to an expert from Citi Private Bank's Law Firm Group who predicts that top-tier law firms will see their profits plummet by up to 15 percent before the end of the year.

Revenue growth of just 4.8 percent — the lowest in seven years — coupled with low demand for legal services and increasing expenses marked the first half of 2008, according...