X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.
Credit: Shutterstock.com

We saw improvement, albeit modest, in industry performance from the first-quarter results to the first half of 2019, but so far it’s a different year than last year. With marginal demand growth and a continued lengthening of the collection cycle, 2019 has reverted to a rate story. Meanwhile, expenses have continued to grow at a faster pace than revenue, placing pressure on margins. Looking ahead, the back half of the year should benefit from strong inventory balances at the midyear point. It will be a challenge for the industry to see a repeat of 2018’s strong performance in this year’s results, but expect it to be a good year relative to earlier post-recession years.

These results are based on a sample of 191 firms (77 Am Law 100 firms, 54 Second Hundred firms and 60 niche/boutique firms). Thirty-six 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.

This content has been archived.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 Advance® 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]

 
Reprints & Licensing
Mentioned in a Law.com story?

License our industry-leading legal content to extend your thought leadership and build your brand.

You Can't Manage It If You Don't Measure It

How are you illustrating differentiation to clients and potential lateral targets? How are you measuring performance against peers? Use Legal Compass to benchmark a firm against its competitors, unearthing unique insights about performance, partner retention, market penetration and more. Click to log in, or begin your free trial.

Get More Information
 
 

ALM Legal Publication Newsletters

Sign Up Today and Never Miss Another Story.

As part of your digital membership, you can sign up for an unlimited number of a wide range of complimentary newsletters. Visit your My Account page to make your selections. Get the timely legal news and critical analysis you cannot afford to miss. Tailored just for you. In your inbox. Every day.

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.