According to Citi Private Bank’s Managing Partner Confidence Index, 71% of survey respondents expect demand for legal services to be flat or down over the next year. Only 66% believed this in Q4 2008.
The survey polls managing partners at 175 law firms.
According to Citi, revenues in Q1 2009 at the 175 firms were down 3.7% from Q1 2008.
Each quarter, Citi Private Bank confidentially surveys firms in The Am Law 100 and the Second Hundred, along with smaller firms. In addition, it conducts a more detailed financial survey.
Citi Private Bank provides personalized wealth management services for affluent clients who include many entrepreneurs, families, and senior corporate executives. With 90 offices in 58 cities in 31 countries, it is one of the world’s most global private banks.