2015 Withum Annual NJ Top 50 Law Firm Survey Results
The goal of the survey was to uncover trends and gauge current market conditions in the law firm profession. Managing partners, executive directors, CFOs and other decision makers responded to the law firm survey.
Some highlights of the survey include:
- 73% of the law firms surveyed expect fee income to increase in 2015. Over 20% higher compared to results from last year.
- 54% of the law firms think realization will be better compared to 2014.
- More than half said they anticipate an increase in employment for 2015.
- Costs for salaries and benefits are expected to increase most significantly, while rent and bonuses are anticipated to stay the same as 2014.
- More than half said they do not have a formal succession plan in place.