Posted by on Friday, February 17, 2012
Here is the NALP Industry News Weekly Digest for the week ending February 17, 2012. There is a pretty full plate of news this morning, starting with the latest from Law School Transparency at the top of the hour and a round-up of law firm year-end financial reporting at the bottom of the hour. The big news this week was the release of the Hildebrandt/Citi 2012 Client Advisory. The bottom line? Modest (and we mean modest!) growth is the new normal. While the first half of 2011 saw demand for legal services surge, the second half saw screeching brakes applied, and the report advises that 2012 is likely to be challenging. Citi legal division chair Dan DiPietro says 2012 will feel a lot like 2009. Legal Industry pundits like Ed Reeser and Steven Harper see all kinds of cause for alarm, including a lateral hiring bubble that is poised for bursting and danger in the spread of equity partner pay between partners in the same firm. The end of the year again saw the growth of law firm expenses exceeding the growth of law firm revenues – “Danger, Will Robinson!” So with all of that good news on the table, go ahead and enjoy your weekend. I dare you.
