Biglaw, Billable Hours, Citigroup, In-House Counsel, Money, Partner Issues, Partner Profits

Biglaw: Welcome to the New Normal

A new client advisory from Citi Private Bank and Hildebrandt Consulting contains predictions and advice for large law firms.

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UPDATE (1/18/2013, 10:45 AM): Here’s some additional analysis from Am Law Daily.

CITI PRIVATE BANK AND HILDEBRANDT CONSULTING — PRESS RELEASE — 2013 CLIENT ADVISORY

FOR IMMEDIATE RELEASE

Citigroup, Inc. (NYSE: C)

January 14, 2013

CITI PRIVATE BANK’S LAW FIRM GROUP AND HILDEBRANDT CONSULTING ISSUE 2013 CLIENT ADVISORY

New York – The Law Firm Group at Citi Private Bank and Hildebrandt Consulting today released their 2013 Client Advisory which forecasts that 2013 will likely see a continuation of the trends that have emerged over the last four years, during which profit growth and other financial indices reached lower set points.

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“Having faced head-on the unprecedented challenges of the Great Recession and the years that followed it, most law firms have improved their financial condition and are well positioned to navigate their way through continued market uncertainty,” said Dan DiPietro, Chairman, Law Firm Group, Citi Private Bank.

“While our 2013 Client Advisory raises lots of challenges faced by law firms, in the longer term, this market also presents great opportunities for firms who are well structured, and who seize the moment to address client demands,” said Brad Hildebrandt, Chairman of Hildebrandt Consulting.

The 2013 Client Advisory draws from Citi Private Bank’s Law Watch database of reported results from some 205 U.S. headquartered firms, including 89 Am Law 100 firms, 51 Am Law 2nd 100 firms, and 65 additional firms and Thomson Reuters’ Peer Monitor Index, which presents data from 116 U.S.-based law firms, including 45 Am Law 100 firms, 41 Am Law 2nd 100 firms, and 39 additional firms.

The full 2013 Client Advisory is enclosed in the PDF attached.

Citi Private Bank’s Law Firm Group provides financial services to more than 650 U.S. and U.K. law firms and more than 38,000 individual lawyers, with over 200 professionals and local service teams in 14 offices. Each quarter, the Law Firm Group confidentially surveys firms in The Am Law 100 and Second Hundred, along with smaller firms. In addition, the Law Firm Group conducts a more detailed annual survey. These reports, together with extensive discussions with law firm management conducted on an ongoing basis, provide a comprehensive overview of financial trends in the industry and insight into where it is headed.

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Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.

Hildebrandt Consulting is continuing its long and distinguished history as the preeminent global consulting firm in the legal profession. With clients in over 15 countries, Hildebrandt has built up unmatched expertise in every aspect of professional firm management. Our reputation for helping firms arrive at strategic solutions comes from our knowledge of the interdependent elements that contribute to overall business performance.

2013 Client Advisory [Citi Private Bank / Hildebrandt Consulting]
2013 Law Firm Outlook: ‘Don’t Get Caught Swimming Naked’ [WSJ Law Blog]

Earlier: Nationwide Layoff Watch: Partners in Peril
New Data on Hours, Billing Rates, and Corporate Legal Spending

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