Citi Predicts Flat 2013 in Their First-Half Report
Download PDF
1 Star2 Stars3 Stars4 Stars5 Stars (No Ratings Yet)

Citi Private Bank, which uses its connections with over 600 U.S. and U.K. law firms and 35,000 individual lawyers, to produce yearly reports on how the legal market is doing, has released its “first-half” report, now that we are halfway though the business year, and is predicting that 2013 may be a flat year, since revenue growth has been so low.

Citi reports that demand has declined at 1.3 percent this last quarter, and while that is less drastic than 3.3 percent the previous quarter, it’s still not an uptick. Compound that with the increase in head count, and you have a situation of excess capacity that has characterized the market these last few years, causing pricing pressure.


In fact, the revenue growth of 0.5 percent is not due to any increase in demand – as we’ve said, it’s declined – but to growth in billing rates of 3.7 percent, as Am Law Daily reported.

Though the headcount increase of 0.4 percent is slightly lower than the 0.5 of the first quarter, it still contributes to the supersaturating of the market. This is why billable hours remain at a historical low, and this exacerbates the pricing pressure. Things aren’t as bad as 2009 and 2010, but they aren’t exactly “recovered” either, and expecting a flat year might be the best we can do at this point.

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 Litigation Attorney with motions experience


Seattle office of our client seeks mid-level litigation attorney with 3-5 years of experience, inclu...

Apply Now

Environmental /Land Use Attorney with 2-3 years of experience

USA-CA-San Francisco

San Francisco office of our client seeks environmental /land use attorney with 2-3 years of experien...

Apply Now

Litigation Attorney with 2-5 years of insurance defense experience


Jacksonville office of our client seeks litigation attorney with 2-5 years of previous insurance def...

Apply Now

Land Use, Zoning Attorney with 2-6 years of real estate experience


Fishkill office of our client seeks land use, zoning and development attorney with 2-6 years of comm...

Apply Now


Corporate / Commercial Attorney | Lebanon, NH


Downs Rachlin Martin PLLC seeks an experienced corporate / commercial attorney to join its Lebanon o...

Apply now

Business Law Junior Associate | Burlington, VT


Downs Rachlin Martin seeks associate attorney with 1-3 years of experience to join its Commercial an...

Apply now

Business Law Associate | Burlington


Downs Rachlin Martin is seeking an attorney with 4 to 8 years of experience to join its very busy pr...

Apply now

Litigation Associate

USA-NY-New York City

Midtown Manhattan litigation boutique with diverse civil litigation practice seeking associate with ...

Apply now

Most Popular


To Top