UPFRONT Legal optimism

While local law firms are optimistic about their own outlook in 2005, they’re less sure about the economic buoyancy of the economy than their counterparts in North America.
A survey of the country’s corporate law office management by professional services consultancy Team Factos found the bulk (82 percent) of respondents thought the economy would remain much the same but 87 percent expect their own firm’s revenue to improve.
Reported optimism was based in improved levels of business transactions (68 percent), modest interest rates (29 percent), modest rate of inflation (26 percent) and improved capital spending (23 percent).
Pessimism is focused on forthcoming election results (52 percent) ahead of interest rates and inflation. Only 17 percent registered “terrorism” as concern versus 68 percent in the US.
The survey described large law firms as useful barometer of business optimism because they tend to be involved in plans for business transactions in advance of their coming to fruition.

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