Citi Private Bank Law Firm Group and Hildebrandt Consulting Release 2018 Citi Hildebrandt Client Advisory
December 14 2017 - 7:00AM
Business Wire
Law Firm Industry Remains Resilient in Channel
of Modest Demand Growth
The Law Firm Group at Citi Private Bank and Hildebrandt
Consulting today released their 2018 Citi Hildebrandt Client
Advisory.
The Citi Hildebrandt Client Advisory establishes the broad
landscape for the law firm industry, how firms are responding to
industry challenges, and their best opportunities for growth in
2018. The report forecasts overall industry revenue and
profitability growth rates in 2018 to be in line with the
mid-single-digit range expected for 2017, with continued high
levels of dispersion and volatility.
The 2018 Client Advisory strongly indicates that the way firms
adapt their talent models in response to market pressures for more
efficient legal services, and the onslaught of equity partner
retirements likely to occur in coming years, will be an important
factor in the growth trajectory and sustainability of law firms
across the industry.
“There is no doubt that the market will continue to favor firms
with a strong brand in specific practice areas and industries.
Beyond maintaining a strong brand, success in this market will
likely come to firms who are most nimble in their response to
client demands for a more efficient delivery of legal services. In
the long-term, success will likely come to firms who adjust their
talent models to market forces and who focus on building a robust
growth model that attracts, develops, and retains the best legal
talent,” said Gretta Rusanow, Head of Advisory Services, Law Firm
Group at Citi Private Bank.
An additional key finding from this year’s Client Advisory is
the ever increasing role of technology. Citi’s Law Firm Group
concludes that technology, including AI, will help reshape the law
firm industry. Hildebrandt Consulting also concurs that while the
possibility of a cybersecurity breach (and the associated
reputational and financial risks) has rapidly become one of the
biggest concerns of law firms today, firms who harness the emerging
technologies and who focus on protecting their clients and
themselves from cybersecurity breaches will be even stronger in the
future.
Brad Hildebrandt, Chairman of Hildebrandt Consulting, added,
“Despite the challenges outlined in this Client Advisory, we
believe that the law firm industry will continue to grow, albeit
modestly. It remains one of the most profitable personal services
businesses in the world. That said, we expect to see further
consolidation and some law firm dissolutions as weaker firms lose
their ability to compete.”
The 2018 Citi Hildebrandt Client Advisory draws from data
collected from a sampling of primarily US-headquartered law firms
by Citi Private Bank. For firms headquartered outside the US and
third-party providers of legal services, the information is mostly
anecdotal. For third-party providers of legal services, our
information is mostly anecdotal. Sources include the “Citi Annual
Survey Database” of 193 US-headquartered firms, including 44 Am Law
1-50 firms, 34 Am Law 51-100 firms, 47 Am Law 2nd 100 firms, and 68
additional firms; the “Citi Flash Survey”, including 40 Am Law 1-50
firms, 29 Am Law 51-100 firms, 47 Am Law 2nd 100 firms and 45
additional firms; the “Citi Law Firm Leaders Survey” of 55 large
firms headquartered in the US, UK, Australia, China and India; and
the “Law Firm Leaders Confidence Index,” which reports the
forward-looking opinions of law firm leaders from 154
US-headquartered 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. The group additionally conducts 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 dedicated to serving worldly and wealthy
individuals and families, providing customized private banking
across borders. With approximately $390 billion in global assets
under management, the franchise includes 48 offices, serving
clients across 130 countries. Citi Private Bank helps clients grow
and preserve wealth, finance assets, make cash work harder,
preserve legacies, and serve family and family business needs. The
firm offers clients products and services covering capital markets,
managed investments, portfolio management, trust and estate
planning, investment finance, banking and aircraft finance, as well
as art and sports advisory and finance.
Citi, the leading global bank, 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 |
Twitter: @Citi | YouTube: www.youtube.com/citi | Blog:
http://blog.citigroup.com | Facebook: www.facebook.com/citi |
LinkedIn: www.linkedin.com/company/citi.
About Hildebrandt Consulting
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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Citi Private BankSophia Stewart, 212-816-7140Global Public
Affairssophia1.stewart@citi.com
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