Washington firms outperform US counterparts
Law firms in Washington DC are doing much better than their counterparts in other US cities, according to a quarterly report released by Citi Private Bank Law Firm Watch. comments powered by Disqus
In the first three months of 2014, Washington DC law firms grew their revenue by 6 per cent compared with the first three months of 2013, compared with 4.3 percent across all US regions. Washington firms also saw a 1.6 per cent growth in demand compared to 1 percent for all regions, and a 3.8 percent growth in productivity compared to 1.1 percent for all regions.
“As a legal market, D.C. has been one of the primary locations to benefit from the recovery,” said Brent Smith, a director at Citi. “When we look at the practice areas that are showing the most strength, regulatory continues to be among the top. Washington is one of the locations that would benefit from that.”
The report also notes that Washington DC firms remain cautious despite the figures, cutting back on expenses and increasing efficiency. DC firms reported a 1.4 per cent drop in lawyer headcount, and a 1.6 percent drop in the number of equity partners.