Infographic: 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.
“In general, respondents appear to be less optimistic than years past and of the opinion that growth will be flat this year,” said Bill Sansone, CPA, Partner, who has more than 30 years of accounting experience and specializes in law firms. “This aligns with current industry conditions characterized by intense competition, the emergence of fixed-fee arrangements and lateral movement of attorneys.
Key results include:
- 56% expect fee income to increase over 2015
- 60% expect realization to mirror 2015
- 60% expect to take on lateral hires
- 20% expect to merge with another firm
- 52% anticipate corporate law to record the most growth, followed by real estate and litigation (both 52.17%)
- 9% expect partner compensation/income to increase over 2015
- 55% do not have a succession plan
- 2% expect the economy to slowly increase over the next year
