May 18th, 2009 by Jim Cotterman
Quarterly the AICPA and the University of North Carolina’s Kenan-Flagler Business School conduct the Business and Industry Economic Outlook Survey. Participants in the first quarter 2009 survey included 1,183 AICPA members employed as financial executives in industry. The overall take on the report is a general sense of pessimism for the economy and a lengthened time-frame for recovery to begin. Complete details of the study are available at the site.
This study is helpful to law firms in two ways. The conditions affecting businesses are the same as those affecting law firms. So it is helpful to see what other sectors of the market are experiencing. In addition, this study provides insight into your clients’ situations — a likely precursor to the types and amount of future legal needs. The comments on credit terms and covenants were particularly noteworthy.