Home

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

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.

  
What
Where


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


BCG FEATURED JOB

Locations:

Keyword:



Search Now

Mid-Level Commercial Business Litigator

USA-CA-Los Angeles

Los Angeles office is seeking a commercial business litigation attorney with 2-5 years of experience...

Apply Now

Senior Level Litigator

USA-CA-Woodland Hills

Woodland Hills office is seeking a litigation attorney with 5-7 years of experience and a background...

Apply Now

Litigation Associate Attorney

USA-CT-Stamford

Stamford office of our client seeks litigation associate attorney with 3+ years of experience. The c...

Apply Now

RELEVANT JOBS

Attorney

USA-WA-Woodinville

The ideal candidate will have 2-3 years’ experience as an attorney, who is passionate about br...

Apply now

Legal Secretary / Paralegal

USA-UT-Ogden

Have need of a legal secretary / paralegal to prepare legal documents for court filing and estate pl...

Apply now

Medical Malpractice Associate

USA-CA-Los Angeles

Downtown Los Angeles medical malpractice defense firm seeks 2-4 year associate attorney with persona...

Apply now

Immigration Attorney

USA-CA-Anaheim

Responsibilities: Make appearances in immigration court at Master Calendars and Individual Hea...

Apply now

SEARCH IN ARCHIVE

To Top