Law firm profit growth in 2015 averaged roughly 4.5 percent, according to an analysis by Citi Private Bank’s Law Firm Group. Will partners view their bank accounts as half full or half empty?
Partners are more likely to take the pessimistic view if they compare 2015 to 2014, which was an unusually good year in the post-2008 environment. They’ll be more heartened if they look at typical annual profit performance in the three years prior to 2014, when profit growth was lower. Also, as we’ve reported in recent years, the averages don’t tell the whole story, as individual firm performance varied widely.
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