This report on financial performance in the legal industry was prepared by Citi Private Bank’s Law Firm Group.

Our earlier prediction that the industry would face a challenging second half this year was borne out in the nine-month results, as demand growth slowed during the third quarter, the opposite of the upward momentum we saw during the same period in 2014. With the slowdown in demand growth, revenue growth through the first nine months lagging the same period of 2014 and the higher expense growth we’ve seen so far this year, we expect 2015 revenue and profit growth to fall short of last year.

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