Credit: eamesBot/Shutterstock.com Equity Partner Productivity Falls Most Amid Q1 Rises in Revenue, Dips in Demand
Citi's Q1 2023 report shows firms leveraged strong inventory coming out of 2022, but will need to focus on collections in second quarter to keep the momentum going.
May 11, 2023 at 05:00 AM
6 minute read
Law Firm Profitability
Strong inventory levels at the end of 2022 helped the law firm industry post moderate average revenue growth during the first quarter of 2023, though the demand environment remains challenging for law firms. Continued inflationary pressures, fears of a looming recession, ongoing international conflicts and disruptions to the banking system in the U.S. and Europe all contributed to downward pressure on demand. Meanwhile, revenue growth wasn't strong enough to absorb the expense pressure firms experienced in the first quarter. And while the collection cycle slowed, strong growth in inventory is a potential positive sign for first half revenue growth if firms can collect it.
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