Things Are Looking Up For The Law Firms

Net income for law firms was up six percent in 2014 compared to the previous year, and profits-per-partner increased 5.7 percent, according to the 2014 legal industry report from Citi Private Bank Law Firm Group. The largest firms- the so-called AmLaw 50 – had the best numbers, reporting profits-per-equity-partner increases of 7.2 percent over 2013. Firms focusing on M&A saw the most improvement, litigation less so. That’s because more litigation work is staying in-house and more companies are choosing to settle their disputes, according to a client advisor with the bank that did the report.