Business of Law
Strong 2012 finish boosted law firm profits to 4.3 percent for year, survey says
By Martha Neil
Feb 7, 2013, 06:24 am CDT
A strong drive toward the finish line boosted law firm profits for 2012 to 4.3 percent, a Citi Private Bank survey of 179 law firms has found.
But the 3.6 percent revenue growth for 2012 experienced by the group, which is mostly comprised of large law firms, may not be sustainable, write Dan DiPietro and Gretta Rusanow of Citi Private Bank's law firm group in an Am Law Daily article.
A push for end-of-year collections and an uptick in work, due to a client focus on completing work in 2012, for tax reasons, helped boost profits last year, but the two say they are hearing anecdotally that law firms fear the new year will bring a return to the lower demand of the first nine months of 2012.
For more details about the survey, read the full article.
ABAJournal.com: "Boom years for law firms were an aberration, report says"