Many firms will see a decline in profitability by year’s end, as they head into a 2023 with a “high” likelihood of recession and a higher cost structure due to inflation, a new report concludes.

Confronting those challenges, some law firms may take a number of measures within the upcoming months to increase efficiencies and maximize profits, including adjusting leverage, investing in highly-skilled staff such as pricing specialists, reducing office space, outsourcing more and targeting strategic growth instead of opportunistic growth, said analysts at Citi’s Global Wealth at Work Law Firm Group and Hildebrandt Consulting in the report.

This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.

To view this content, please continue to their sites.

Not a Lexis Subscriber?
Subscribe Now

Not a Bloomberg Law Subscriber?
Subscribe Now

Why am I seeing this?

LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.

For questions call 1-877-256-2472 or contact us at [email protected]