The legal industry can expect to see low single-digit growth in revenue and profitability next year, just as it did in 2016, according to a report released Tuesday by Citi Private Bank’s law firm group and Hildebrandt Consulting. The report states that top performing firms may continue to pull away from the rest of the pack as a result of the challenges the industry faces.
“Overall, what we’re seeing is a profession that’s pretty stable actually, but having much slower growth,” said Hildebrandt founder Brad Hildebrandt, who authored the report with Gretta Rusanow, head of advisory services at Citi, and the chair of the law firm group, Dan DiPietro. Lagging demand is one of the biggest issues the industry faces, Hildebrandt said.
