Law firms showcased their resiliency in 2020, with the legal industry seeing more than 14% net income growth, according to a new analysis from Citi Private Bank’s Law Firm Group. But firms that boosted their collection efforts—and remain focused on them—could be in particularly good shape this year, the analysis shows.

The analysis, published Wednesday, notes that firm leaders in 2020 placed a premium on recording time and bill payment, allowing them more cash flow oversight while COVID-19 created uncertainty, especially in the second quarter of the year. The collection cycle also lengthened as activity spiked during the fourth quarter.

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