Back in May, Citi Private Bank’s law firm group reported an extremely strong first quarter—and suggested that the industry could expect the pistons to keep firing into the next quarter.
Well, the first second quarter results are in, via Thomson Reuters’ Peer Monitor, and they don’t look good: Law firms were “blindsided,” Peer Monitor said, by a drop in demand across nearly all practices. The 0.9 percent decline breaks a streak of nine consecutive quarters of increased demand, the longest such streak since the 2008-9 financial crisis, Peer Montitor said.
