Law Firm Managing Partners Pessimistic, Says Citi Survey

With layoffs making headlines, when will law firms be able to thrive again? Managing partners say not soon. Citi Private Bank Law Watch released findings Monday for the first quarter of 2009, showing that managing partners' confidence in their firms' financial health is continuing a downward slide, as client demand keeps shrinking and expenses keep growing. Of about 120 managing partners surveyed from mostly Am Law 100 and Am Law 200 firms, 64 percent believe legal business will drop even more over the next six months.