The Citi Private Bank Law Watch Third Quarter 2010 results indicated that firms continue to experience flat revenue growth. The current state of the legal industry has been aptly described by a number of managing partners we’ve talked to as: “a smaller market with more competitors.” These factors, together with an increasing willingness on the part of general counsel to branch out beyond their traditional law firms, are forcing many law firms to compete on price, and others to innovate in order to be profitable and sustainable in this changed market.
Citi Private Bank provides financial services to more than 600 U.S. and U.K. law firms and over 35,000 individual lawyers. Each quarter, the Law Firm Group confidentially surveys firms in the Am Law 100 and Second Hundred, along with smaller firms. In addition, we conduct a more detailed annual survey. These reports, together with extensive discussions with law firm management conducted on an ongoing basis, provide a comprehensive overview of financial trends in the industry and insight into where it is headed.
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