US law firms record 4.3% jump in profits for 2012
Citi Private Bank reports a significant jump in US law firm profits of 4.3 per cent in 2012, but a look at the statistics quarter by quarter indicates that growth might not be sustainable. comments powered by Disqus
Third quarter were far from spectacular, and the profit growth was largely driven by strong fourth quarter results. The profitable fourth quarter was powered by a spike in demand, efficient collections, and moderate expenses, and commentators note that these conditions might not be sustainable for the delivery of profit growth in 2013.
Citi Private Bank said law firms will have to maintain their aggressive behavior and continue to cut costs if they want to see growth in 2013.