Head of Advisory Services, Law Firm Group
February 11, 2020Posted InLaw Firm Group
To best view Citi Private Bank's site and for a better overall experience, please update your browser to a newer version using the links below.
The Law Firm industry is signaling towards a positive start to 2020.
We are pleased to announce the release of Citi Private Bank Law Firm Group’s 2019 full year Flash Report, which provides an overview of current financial trends in the legal industry, as well as forward-looking insight. These results are based on a sample of 201 firms; 76 Am Law 100 firms, 56 Am Law Second Hundred firms and 69 niche/boutique firms. Forty-five 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). Citi Private Bank provides financial services to more than 700 U.S. and U.K. law firms and more than 50,000 individual lawyers. Each quarter, the Law Firm Group confidentially surveys firms in the Am Law 100 and the Second Hundred, along with smaller firms. In addition, we conduct a more detailed annual survey and semiannually produce the Law Firm Leaders Confidence Index. These reports, together with extensive discussions with law firm leaders, provide a comprehensive overview of current financial trends in the industry, as well as forward-looking insight.
Last year may not have matched 2018’s performance, but 2019 was a year of solid growth for the legal industry, building on the strong results we reported for 2018. Revenue growth exceeded expense increases, widening margins. Rate increases were the strongest we have seen since 2008. Meanwhile, demand growth continued to accelerate as the year progressed. And while a longer collection cycle dampened revenue growth in 2019, strong inventory growth places the industry in a comfortable position to start 2020.
To read more about our findings, please refer to Law Firms Posted Impressive Growth in 2019, an article authored by Citi Private Bank’s Gretta Rusanow in The American Lawyer. 1
For more information about Citi Private Bank’s Quarterly Flash Reports, please contact us.
1 A free subscription may be required to access the full article.