Law Firm Revenues & Profits Dropping, Layoffs Ahead
Kent Zimmermann, consultant to law firms for the Zeughauser Group, talks with Bloomberg Law's Lee Pacchia about the prospects for the legal services industry in 2013. Kent says that law firms have seen such a steep decline in demand for corporate work in the last six months, that many large law firms will face serious economic turbulence going into 2013. Work is even off in Silicon Valley, thanks to the less-than-stellar Facebook IPO. As a result, Kent says law firms plan to "get lean" by reducing headcount over coming months. Kent also notes that unless the economy improves by mid-2013, three to five AMLaw 200 law firms could go out of business.