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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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Andrew Maloney

I'm a Chicago-based reporter covering the business of law, focusing on national and global law firms for The American Lawyer, Law.com and other ALM publications. Reach out: [email protected]    

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