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Citi Survey: Law Firm Leaders Cautiously Optimistic About 2014

April 2nd, 2014 / - filed under Resources & Surveys

Spring has sprung (we hope), the first quarter of 2014 is now behind us and a recent survey conducted by Citi indicates that law firm managing partners are feeling confident in the state of both the legal industry and the broader economy.

As part of its quarterly Law Watch Managing Partner Confidence Index survey, Citi polled 79 firm leaders from various-sized firms in the US and the UK. Not only did confidence in the economy at large increase, but firms leaders reported feeling optimistic about the demand for legal services in 2014, with three-quarters of respondents expecting at least some growth in profit and only 15% expecting revenues to stay the same or decrease.

While the upward trend in confidence levels is promising, this most recent survey represented only a slight uptick in confidence levels, indicating that law firm leaders are feeling only cautiously optimistic. This is not surprising: although the economy is on the mend, lawyers continue to confront a saturated market.

This survey should be a reminder to law firms everywhere: stay active. Reconnect with old clients and contacts. Reach out to new ones. Write that client alert you’ve been putting off. With demand on the rebound, now is the time to make sure your firm is doing what it can to stand out from the crowd.