Law Firms Could Post ‘One of the Strongest Years We See’

Law firms are on track to post “one of the strongest years we see” in 2024, according to a report this week, after notching demand and productivity growth as well as double-digit revenue growth during the first six months of the year.

Citi’s Global Wealth at Work Law Firm Group found the industry continued its momentum from the first quarter—despite some more expense growth and moderation in head count growth—when it found that “all signs point to a positive 2024.”

The group’s six-month dispatch, comparing the first six months of 2024 to the same period in 2023, found demand across the industry was up 2.9%, while productivity was up 2.1% and revenue was up 11.4%. Those numbers are also up relative to the ones in Citi’s Q1 report.

Paired with across-the-board strength in both litigation and transactional work, and the expectation of rate cuts from the U.S. Federal Reserve later this year, “I’m feeling even more optimistic” about the industry than after the strong start observed in Q1, said Gretta Rusanow, head of advisory services for Citi’s law firm group.

Are you interested in learning more about how law firms could post one of the strongest years we see? Read more in this law.com article.