Head of Advisory Services, Law Firm Group
November 18, 2019Posted InLaw Firm Group
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The Law Firm industry shows positive trends after a slow start in 2019.
We are pleased to announce the release of Citi Private Bank Law Firm Group's Q3 2019 Quarterly Flash Report, which provides an overview of current financial trends in the legal industry, as well as forward-looking insight. Our results are based on data collected through our Quarterly Flash survey of 190 law firms: 76 Am Law 100 firms, 54 Am Law Second Hundred firms and 60 niche/boutique firms. Thirty-one of these firms fit our definition of either international (less than 25% but more than 10% of lawyers based outside the United States) or global (at least 25% of lawyers based outside the United States).
There is a lot of good news in the nine month 2019 industry results. While we might not end the year with the strong growth levels seen in 2018, we anticipate that 2019 will be a decent year. For the first time this year, revenue growth exceeded expense growth. Rate increases continued to be strong, while demand growth continued to accelerate. The collection cycle continued to lengthen, hurting revenue, but strong inventory growth places the industry in a solid position to end the year well.
To read more about our findings, please refer to Law Firm Revenue Rise as Demand Accelerates, an article authored by Citi Private Bank's Gretta Rusanow and Jeff Grossman in The American Lawyer.1
For more information about Citi Private Bank's Quarterly Flash Reports, please contact us.
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