Law Firm Consultant Issues ‘Grimmest Ever’ Forecast
Posted Oct 27, 2008, 02:46 pm CDT
By Martha Neil

The situation likely will get worse for many law firms struggling to cope with the economic firestorm before it gets better, a well-known legal consultant predicts.

In a Hildebrandt International client advisory described by director James Jones as "the grimmest one I've ever written," he says layoffs can be expected at a number of law firms, reports the National Law Journal.

Joyce also predicts flat law firm profits, at best, and a drop of as much as 15 percent in profits at some partnerships. "We see 2009 being a tough year," he tells the legal publication. At the earliest, the economy won't begin to turn around until the end of the year, he says.

There is a little good news, however: countercyclical practices, such as bankruptcy and litigation, as well as regulatory work, are starting to pick up.