According to a report released by consulting company Hildebrandt and the Law Firm Group at Citi Private Bank, a wealth management company, 2012 may be tough on law firms.
“The revenue dynamics will likely not be as dire as 2009, but we have yet to see firms address the current pressure on expenses,” Law Firm Group Chairman Dan DiPietro said in a statement.
While 2011 started out promising for law firms, in the second half of the year growth slowed—particularly in corporate and transactional work, according to the report. Compared to 2010, the report said, last year ended with only modest growth in demand for legal services, and this year is expected to end with similar results.
Read more about the report.