BTI’s Law Firm Leader Confidence Index rose to 52.85 in third-quarter 2010 – a decidedly positive change from the previous quarter’s rating of 45.83.
The most notable change between second- and third-quarter is the conversion of the BTI Law Firm Leader Confidence Index from a slightly negative outlook to a subtly optimistic one (with 50 being the mid-line indicator for flat, or no, industry growth). This directional change is significant. From the perspective of law firm leaders, the legal industry has turned a corner.
The just-released BTI Premium Practices Forecast 2011 shows signs of life in the previously withering market for outside counsel services. Specifically, corporate counsel anticipate spending increases in a number of core practice areas, including M&A, Labor and Class Actions. BTI’s analysis predicts overall market growth of .6% for year-end 2010 and 1.2% for 2011.
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About The BTI Law Firm Leader Confidence Index
Between April and September 2010, more than 250 practice leaders and senior partners gauged confidence in today’s legal market as part of BTI’s first annual Study of Law Firm Practice Leaders. BTI independently identified and selected law firm leaders using a combination of criteria that included:
- Practice Chairs/Heads
- Members of firm management
- Client-selected standouts from BTI’s independent research
- The BTI Client Service All-Stars – individual attorneys nominated by clients as delivering superior client service in BTI’s annual study of corporate counsel