The sooner law firms realize that the boom years are not coming back, the sooner they can begin to accept that low single-digit revenue growth is something to cheer about, two industry advisers stress in a report released Monday.
The 13-page client advisory, produced by Citi Private Bank’s Law Firm Group and Hildebrandt Consulting, lays out a changing law firm landscape—one that sees partners billing fewer hours than they did before the recession while investing more into their firms through capital contributions; associates occupying a shrinking slice of salaried attorney positions; and leaders acting more like businesspeople than lawyers.
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