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!!



Probate Paralegal / Assistant


Waggoner & Bruehl, PA, a small Law Firm in Pine Island, Florida, is seeking a Probate and Trust Admi...

Apply now


USA-CA-Costa Mesa

Prominent AV Rated Orange County business bankruptcy and commercial litigation law firm boutique see...

Apply now

Litigation Mid-Level Associate Attorney


Hoban Law Group is currently seeking an exceptional mid-to-senior litigation attorney with multi-fac...

Apply now

Real Estate Paralegal - Immediate Opening

USA-NY-Sheepshead Bay

$35,000 to $60,000 Annually Benefits Offered Medical Employment Type Full-Time Why Wo...

Apply now




Search Now

Corporate/Transactional Attorney

USA-IA-Des Moines

Des Moines office of a BCG Attorney Search Top Ranked Law Firm seeks corporate/transactional attorne...

Apply Now

Corporate Attorney / Counsel

USA-NY-New York City

New York City office of a BCG Attorney Search Top Ranked Law Firm seeks corporate attorney with 5+ y...

Apply Now

Housing Finance Associate Attorney


Minneapolis office of a BCG Attorney Search Top Ranked Law Firm seeks a housing finance associate at...

Apply Now

Most Popular


To Top