Scroll Top

Join thousands of law students - it's free

South Florida Region: Managing partner survey shows positive outlook

Related Articles

The Daily Business Review’s annual managing partner survey found that the vast majority of managing partners at firms with South Florida offices are “somewhat” or “quite” optimistic about the future of both their law firms and the industry, the Review reported.

“Sixty percent said they were somewhat optimistic about the legal market for the coming year, and 14 percent said they were outright optimistic. Just 8 percent said they were somewhat pessimistic, and no managing partners are pessimistic,” the report states.

This is in comparison to 2009, where 9 percent of managing partners said they were optimistic about the state of the legal industry, 62 percent were somewhat optimistic and 25 percent were somewhat pessimistic. In 2008, 23 percent of managing partners were optimistic, 39 percent were somewhat optimistic, 8 percent were pessimistic and 27 percent were uncertain.

On the subject of their own law firms:

  • 42 percent of the 52 managing partners responding this year were optimistic, and half were somewhat optimistic
  • 2 percent reported being somewhat pessimistic

In 2009, just 26 percent of managing partners were optimistic about the upcoming year for their law firm and 59 percent were somewhat optimistic, while 11 percent were somewhat optimistic.

Last year was the worst year in memory for law firms near and far, the Review reports, with most firms reeling from the recession, slashing lawyers and staff, shrinking or canceling summer associate programs, cutting pay and bonuses, and even closing offices.

In surveys and interviews, managing partners enumerated several themes for the current state of the legal industry and the upcoming year.

“Some shared observations: Law firm heads are still keeping a sharp eye on costs but easing up in some areas, more and more clients are seeking rate discounts or alternative fee arrangements, and deals are starting to return to South Florida, albeit slowly,” the Review reports.

“Perhaps the best news of all for lawyers themselves — 51 percent of managing partners expect profits per partner to increase slightly and 15 percent expect them to increase significantly in the coming year. If the economic picture were to worsen, only 15 percent said they were somewhat likely to lay off attorneys, while 61 percent said they definitely would not.”

To view the full survey, click here.

admin

admin

Digital Magazine
Newsletter Signup

Get unlimited access

Get a premium subscription to the National Jurist for less than $2 a month.