Law Firm Leaders Confident Pricing Pressure Will Abate

For the first time in nearly a decade, law firm leaders are feeling positive that the pressure on pricing will ease up, according to Citi Private Bank Law Firm Group.

On Thursday, the consultancy released its mid-year confidence survey. It asks law firm leaders to make projections about the second half of 2016 by answering a series of multiple choice questions about demand for services, hiring and other topics. Based on the answers, Citi calculates a 200-point numerical score for each topic, wherein 200 represents the highest possible confidence and optimism.

For instance, on realization rates, the survey assigned law firm leaders a 102 confidence score.

“At 102, ...