Report Says That Strong Years in Legal Industry Not Returning
Download PDF
1 Star2 Stars3 Stars4 Stars5 Stars (No Ratings Yet)

Hildebrandt Consulting and Citi Private Bank’s Law Firm Group have released a report that stresses law firms need to accept single-digit revenue growth as the new normal, according to The Am Law Daily. The report says that partners are billing fewer hours than prior to the recession while they continue to invest more in their firms with capital contributions. Associates are part of a smaller salaried attorney position group too.

The authors said that firms “can no longer rely on a rising tide that lifts all boats. In fact, the tide is out.”


From 2008 to 2012, the demand for legal services dropped by an average of 0.4 percent. There was an increase of 3.7 percent from 2004 to 2008.

“With too many lawyers chasing too little work, pressure from clients to provide discounts and other forms of pricing concessions has become a fact of life in the current market,” the report said.

Gretta Rusanow, a senior client adviser for Citi Private Bank’s Law Firm Group, said that firms have to find a niche practice area that client do not want to bring in-house and that other firms have not found yet. The average hours per lawyers has dropped to 1,641 in 2011, down from 1,742 from the years of 2001 to 2007.

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!!

The report said that the good times from 2001 to 2007 was not the norm: “We think it is time to let go of any lingering notion that the industry will revert to the boom years before the Great Recession any time soon.”


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


Litigation Attorney


Justice Catalyst Law seeks an Impact Litigation Attorney to litigate impact cases that cross boundar...

Apply now

Insurance Coverage Associates – Los Angeles, San Francisco, Seattle

USA-CA-Los Angeles

Selman Breitman\'s offices in West Los Angeles, San Francisco, and Seattle are looking for attorneys...

Apply now

Corporate Paralegal / Contract Administrator

USA-CA-Beverly Hills

Entertainment law firm in Beverly Hills is seeking a corporate paralegal/contract administrator with...

Apply now

Estates and Probate Attorney

USA-FL-Boca Raton

Do you have an Estates and Probate practice?  Are you becoming overwhelmed with administrative ...

Apply now


To Top