2024 Citi Hildebrandt Client Advisory Reports Law Firm Industry Revenue and Profit Growth Amid Ongoing Volatility
The Law Firm Group of Citi Global Wealth at Work and Hildebrandt Consulting today released their 2024 Citi Hildebrandt Client Advisory , which establishes the broad landscape for the law firm industry, how firms are responding to industry and market challenges and their potential opportunities for growth in the year ahead.
- The Law Firm Group of Citi Global Wealth at Work and Hildebrandt Consulting today released their 2024 Citi Hildebrandt Client Advisory , which establishes the broad landscape for the law firm industry, how firms are responding to industry and market challenges and their potential opportunities for growth in the year ahead.
- Measured against a challenging 2022, revenue growth for the first nine months of 2023 was 4.8% on average for the industry.
- In the same period, industry demand declined 0.7%, and the collection cycle lengthened by 5.0% — continuing a nearly two-year trend of law firm clients taking longer to pay bills.
- An ongoing focus on income partner growth is expected, particularly as a retention tool among large, highly profitable firms.