The Law Firm Group at Citi Private Bank and Hildebrandt Consulting today
released their Citi Hildebrandt 2017 Client Advisory.
The Citi Hildebrandt Client Advisory outlines the current landscape for
the legal industry, how law firms are responding to these conditions and
their best opportunities for growth in the year ahead. Based on the data
compiled in this year’s advisory, 2017 will likely be another year of
modest industry growth in an uncertain and fragile global economy and
market for law firm services.
“We anticipate seeing continued dispersion and volatility in the
performance of individual firms, in line with what we have observed
during the post-recession years. To succeed, firms will need visionary
leadership, a high-caliber management team, and each partner’s
commitment to hard work and profitability. The most successful firms
will focus on adapting their business, leverage and partnership models
to operate more efficiently and grow revenue under these challenging
market conditions,” said Gretta Rusanow, head of Advisory Services, Law
Firm Group, Citi Private Bank.
Brad Hildebrandt, Chairman of Hildebrandt Consulting, goes on to note,
“It is essential now more than ever for firms to build a differentiated
brand if they want to see revenue growth. Brand differentiation will
come from being the market leader in specific practices and industries.”
“In a market where clients want the most efficient delivery of legal
services, the market will reward law firms who focus on operational
efficiency in its broadest sense – not just managing expenses, but
transforming the way they run their firms and deliver legal services,”
said Dan DiPietro, Chairman, Law Firm Group, Citi Private Bank.
The Citi Hildebrandt 2017 Client Advisory draws from data collected from
a sampling of primarily US-headquartered law firms by Citi Private Bank
and Peer Monitor, as well as conversations with leaders of law firms
headquartered around the world. For firms headquartered outside the US
and third-party providers of legal services, the information is mostly
anecdotal. Sources include the “Citi Annual Survey Database” of 205
US-headquartered firms, including 41 Am Law 1-50 firms, 35 Am Law 51-100
firms, 53 Am Law 2nd 100 firms, and 76 additional firms; the “Citi Flash
Survey,” including 41 Am Law 1-50 firms, 38 Am Law 51-100 firms, 52 Am
Law 2nd 100 firms and 57 additional firms; the “2016 Citi Law Firm
Leaders Survey” of 51 large firms headquartered in the US, UK, Australia
and India; and “Thomson Reuters Peer Monitor” data of 165 U.S.-based law
firms, including 55 Am Law 100 firms, 45 Am Law 2nd 100 firms, and 65
additional firms.
About Citi
Citi Private Bank’s Law Firm Group provides financial services to more
than 650 U.S. and U.K. law firms and more than 38,000 individual
lawyers, with over 200 professionals and local service teams in 14
offices. Each quarter, the Law Firm Group confidentially surveys firms
in The Am Law 100 and Second Hundred, along with smaller firms. In
addition, we conduct a more detailed annual survey. These reports,
together with extensive discussions with law firm management conducted
on an ongoing basis, provide a comprehensive overview of financial
trends in the industry and insight into where it is headed.
Citi Private Bank is a part of Citi, the leading global financial
services company, which has approximately 200 million customer accounts
and does business in more than 160 countries and jurisdictions. Citi
provides consumers, corporations, governments and institutions with a
broad range of financial products and services, including consumer
banking and credit, corporate and investment banking, securities
brokerage, transaction services, and wealth management. Additional
information may be found at www.citigroup.com
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Hildebrandt Consulting is continuing its long and distinguished history
as the preeminent global consulting firm in the legal profession. With
clients in over 15 countries, Hildebrandt has built up unmatched
expertise in every aspect of professional firm management. Our
reputation for helping firms arrive at strategic solutions comes from
our knowledge of the interdependent elements that contribute to overall
business performance.
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