Citi Private Bank Law Firm Group and Hildebrandt Consulting Issue 2020 Citi Hildebrandt Client Advisory
Citigroup, Inc. (C)
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Source: Business Wire
U.S. Law Firm Industry expected to see revenue growth of five to six percent in 2020 NEW YORK--(BUSINESS WIRE)--Citi Private Bank Law Firm Group and Hildebrandt Consulting today released their 2020 Citi Hildebrandt Client Advisory, which establishes the broad landscape for the law firm industry, how firms are responding to industry challenges and their best opportunities for growth in the year ahead.The Client Advisory finds that 2019 was a good year for the law firm industry, with an expected revenue growth of 5.5 to 6.5 percent by year-end, and projects that the industry will grow in the range of five to six percent in 2020.In the first nine months of 2019, billing rates had the highest growth rate since before the recession and were the primary driver of revenue growth for firms, growing by an average of 4.7 percent. By contrast, demand grew far less than in 2018 at a rate of 0.9 percent. The most significant impact on revenue growth was the continued trend of a lengthening of t
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