Law Firm Revenue Soars Past Pre-Recession Levels

Revenue at law firms spiked by 5.8 percent in the first quarter of 2016, a level not seen since before the 2008 financial crisis, according to a survey from Citi Private Bank’s Law Firm Group. The first quarter was also the first time in five years that demand, rates, and collections all improved. Though the first quarter of 2015 was exceptionally weak, and the first months of 2016 benefitted from a backlog of unpaid bills from late in 2015, the numbers are still promising, according to Citi client advisor David Altuna. “There’s no doubt it’s a strong start to the year,” he said.