Hildebrandt Forecast: 2012 Challenging Year for Legal Profession
Hildebrandt Institute and Citi Private Bank Issue 2012 Client Advisory
Washington, D.C. and New York, Feb. 15, 2012 -- The Hildebrandt Institute and the Law Firm Group at Citi Private Bank today released their annual Client Advisory. The 2012 Client Advisory forecasts that 2012 will be a year of challenge and uncertainty, with continued soft demand and rising costs impacting firms' efforts to maintain profitability at acceptable levels.
"Many of our clients agree with us that 2012 may well be more challenging than 2009. The revenue dynamics will likely not be as dire as 2009, but we have yet to see firms address the current pressure on expenses," said Dan DiPietro, Chairman, Law Firm Group, Citi Private Bank.
"If current conditions persist, firms will be increasingly challenged to examine new models for the delivery of legal services," said Michael Abbott, general manager of the Hildebrandt Institute. "New business models based on redesigned work processes, greater emphasis on project management, and new approaches to expense management and professional development may unlock greater efficiencies. The most successful firms will continue to be those that can achieve and deliver the greatest value to their clients."
The 2012 Client Advisory draws from the Hildebrandt Institute's Peer Monitor Index, which presents data from 116 U.S.-based law firms. In addition, the Advisory draws from Citi Private Bank's Law Watch database of reported results from some 205 US headquartered firms, including 89 Am Law 100 firms, 54 Am Law 2nd 100 firms, and 62 additional firms.
To download a complete copy of the 2012 Client Advisory, please visit https://peermonitor.thomsonreuters.com/ThomsonPeer/docs/2012_Client_Advisory.pdf or the Hildebrandt Institute web site at www.hildebrandtinstitute.com.
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 | Twitter: @Citi | YouTube: www.youtube.com/citi | Blog: http://new.citi.com | Facebook: www.facebook.com/citi | LinkedIn: www.linkedin.com/company/citi
The Hildebrandt Institute , part of Thomson Reuters, offers innovative programming, research and data that provide law firm leaders with business critical information, the latest trends, and cutting edge analysis of the most pressing issues and problems confronting the legal profession. Through conferences and training programs offered in a variety of formats, the Institute kindles conversations about practical approaches for firms in achieving their strategic objectives.
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