A welcome bump in revenue for the third quarter of 2019 combined with a moderating trend in expense growth suggests that law firms have succeeded in mitigating the financial consequences of 2018′s associate salary hikes.

The latest round of figures from Citi Private Bank’s Global Law Firm Group shows that for the first time this year, growth in revenue has outpaced expenses. Snapshots from Citi and other market watchers earlier this year based on aggregated figures suggested that many firms were struggling to navigate a market in which demand was wavering and costs were up.

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