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Law Firms Made Historic Gains in 2021. They'll Be Hard to Maintain in 2022.

Fri, December 10, 2021 9:45 AM | Sarah Hayden (Administrator)

Written By: Andrew Maloney

Amid a “Great Resignation” and lingering uncertainty surrounding COVID-19, law firms had “one of the strongest years on record” in 2021, according to a new report.

The Citi Hildebrandt 2022 Client Advisory, published Thursday, found an average revenue increase of 14.7% and demand increase of 6.6% across all segments of the Am Law 200 and beyond, and with relatively tame expenses concluded net income and profits per equity partner could also reach heights not seen since before the global financial crisis in the late 2000s.

While the industry has sometimes focused on rates driving revenue, Gretta Rusanow, managing director and head of advisory services for the Citi Private Bank Law Firm Group, said the growth this year was more about demand.

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