Consultant: Law Firm Revenues & Profits Dropping, Layoffs Ahead

Sept. 5 (Bloomberg Law) -- 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.

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[whotaughtyou]

BLACK SQUARE, ▣Page 1 of comments on Belén Fabra: 'Sería infeliz sino me dedicará ...😐

[Gary Christmas]

Great discussion. Many people may not realize that law firms are subject to many of the same issues as most any other business. This is especially true in terms of business law. When businesses delay certain expenditures, it can dramatically affect any lawyers or law firms those businesses will contract for their services.

[bobby mathis]

wow

[Stephen Githinji]

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[James Morrison]

Fewer IPOs this year. Many were put on hold.

[lizkel]

what does facebook have to do with legal service being less in demand?