Ed. note: Welcome to our daily feature, Quote of the Day.
We anticipate it is going to be a strong year for the industry despite the expense pressures. Early indications suggest demand continues to be strong in the third quarter as well.
— Daniel Greenfield, a director in Citi’s law firm advisory group, in comments given to Bloomberg Law, on the latest findings from the Citi Global Wealth at Work Law Firm Group. According to the report, law firms saw revenue grow 11.7% during the first half of the year, while demand increased 4.2% — well above the historical average of 1.5% to 2%. Total expenses, meanwhile, rose 9.7%, with increased investment in AI contributing to the jump.
Staci Zaretsky is the managing editor of Above the Law, where she’s worked 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 Bluesky, X/Twitter, and Threads, or connect with her on LinkedIn.