Most firms continue to see a growth in revenue because even though demand for their services may be flat, they’re still increasing their rates.
— John Wilmouth, a senior client advisor with Citi Private Bank, commenting on law firm performance in the third quarter of 2017, as detailed in the latest report by the Citi Private Bank Law Firm Group. Demand for legal services has softened, collection times have grown longer, and expenses at most firms are up across the board, thanks, in part, to the great associate salary increase of 2016.
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Staci Zaretsky has been an editor at Above the Law since 2011. She’d love to hear from you, so please feel free to email her with any tips, questions, comments, or critiques. You can follow her on Twitter or connect with her on LinkedIn.