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You are viewing ARCHIVED CONTENT released online between 1 April 2010 and 24 August 2018 or content that has been selectively archived and is no longer active. Content in this archive is NOT UPDATED, and links may not function.Extract from article by Nell Gluckman
The legal industry can expect to see low single-digit growth in revenue and profitability next year, just as it did in 2016, according to a report released Tuesday by Citi Private Bank’s law firm group and Hildebrandt Consulting. The report states that top performing firms may continue to pull away from the rest of the pack as a result of the challenges the industry faces.
“Overall, what we’re seeing is a profession that’s pretty stable actually, but having much slower growth,” said Hildebrandt founder Brad Hildebrandt, who authored the report with Gretta Rusanow, head of advisory services at Citi, and the chair of the law firm group, Dan DiPietro. Lagging demand is one of the biggest issues the industry faces, Hildebrandt said.
The report, which is released annually, noted that demand for law firm services grew by 0.3 percent in the first three quarters of this year, while expenses grew by 3.4 percent during the same time period, thanks in part to the rise in associate pay. Still, firms were able to raise revenue by 3.7 percent, largely because lawyer rates grew by 3.2 percent.
Read the complete article at Citi Report Claims Growth Will Remain Slow in 2017