Law Firms Find 2012 Worse than 2011
Download PDF
1 Star2 Stars3 Stars4 Stars5 Stars (No Ratings Yet)

The latest quarterly survey from Citigroup is in, and things aren’t looking good for law firms. The Citi Private Bank of Citigroup has reported that the slight increases in revenue of law firms in the first half of 2012 have been submerged in the increasing expenses.

Citi Private Bank bases its survey on studying the 600 plus U.S. and U.K. firms it provides services to, and the 35,000 individual lawyers who work with them.

Gretta Rusanow, the senior client adviser in the Citigroup Business, as reported by Bloomberg.com, stacked up the 2.7 increase in the firm’s revenue against the 2 percent increase in compensation expenses and the 5.5 in operations expenses (rent, insurance, technology upgrades, etc.).


“It doesn’t matter what end of the market you’re sitting in,” said Gretta, “Demand is down. And no one is immune…. there will be a struggle to achieve even the low single digit profit growth we predicted at the start of the year. We’re concerned.”

The concern is that 2012 won’t even be able to match 2011, which in itself was a poor year, with low single-digit profit growth. The demand at the end of the second quarter slowed even lower than the slow level it has been at in 2012; the head count growth slowed, but not enough to match the slow growth in demand; this lead productivity declines and declines in billable hours.

The trajectory on the rest of 2012, based on its current situation, does not look promising.

Get JD Journal in Your Mail

Subscribe to our FREE daily news alerts and get the latest updates on the most happening events in the legal, business, and celebrity world. You also get your daily dose of humor and entertainment!!


Interesting Legal Sites You May Like




Search Now

Mid-level Tax Associate Attorney

USA-CA-Los Angeles

Los Angeles office of an AmLaw firm seeks mid-level tax associate attorney with 3-5 years of experie...

Apply Now

Real Estate/Transactional Attorney

USA-PA-Camp Hill

Camp Hill office of our client seeks real estate/transactional attorney with experience. The candida...

Apply Now

Corporate Attorney


Laramie office of our client seeks corporate attorney with 2+ years of experience.

Apply Now


Customer Service & Support


Relevant Law, a new legal services company, is seeking a customer service agent to assist our Lynchb...

Apply now

Subrogation Attorney

USA-CA-Newport Beach

If you’re passionate about your work and possess a strong reputation within the California leg...

Apply now

Trial Lawyer


We are looking for a highly intelligent, hard-working and motivated lawyer to join our firm in Torra...

Apply now

Litigation Immigration Attorney

USA-NY-Long Island City

Our legal team is seeking an Associate Attorney with excellent written and oral communication skills...

Apply now


To Top