Early financial data suggests a grim 2009 for law firms, according to Dan diPietro of Citi Private Bank's Law Firm Group. But diPetro says firm leaders have the chance to fix a broken business model -- a business model that relies too heavily on leverage and billing rate increases to drive profit growth, thumbs its nose at the concept of pay for performance, especially at the associate level, and assumes clients will continue to accept the billable-hour model.
May 01, 2009 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
As I review fiscal-year 2008 data reported by the Law Firm Group at Citi Private Bank in our latest survey, I see some bad news — and some really bad news.
First the bad news: Profits per equity partner were down 3 percent; this figure would have been a bit worse if the three Am Law 200 firms that failed last year were included. “Bad news?” you ask. “That’s much better than we’d expected. I guess law firms have once again shown they’re bulletproof.”
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