Law Firms Saw Improved 2014 Compared to Previous Year

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Summary: A new report from Citi Private Bank shows that law firms across the country enjoyed a stronger 2014 compared to 2013. 

A new report from Citi Private Bank Law Firm Group has law firms across the country excited for what is to come, according to the Wall Street Journal.

  

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The Full Year 2014 Legal Industry Results was released by Citi Private Bank Law Firm Group on Thursday.

The majority of the results are positive. The report shows that net income has increased by six percent from 2013 and profits-per-partner increased by 5.7 percent from 2013.

A senior client advisor from the bank, John Wilmouth, said, “Firms across the board are doing better. Last year was mostly a good one.”

The best year came from the AmLaw 50, according to Wilmouth. Profits-per-equity-partner increased in 2014 for these firms by 7.2 percent from 2013. The numbers had increased by 5.6 percent from 2012-2013.

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Wilmouth said that the rest of the industry seemed to have closed the gap at least a little bit. The next 50 largest firms on the list saw 3.2 percent growth in 2014 for profits-per-equity-partner from 2013. The second 100 firms experienced 4.1 growth in profits-per-equity-partner after a 1.4 percent drop in 2013.

Wilmouth also noted that firms that have strong transactional practices seemed to outpace the others.

“It was a very strong year for M&A,” he said.

The report shows that litigation did not have a strong year because companies are trying to settle their disagreements instead of going to trial.

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Wilmouth said the following about going into 2015:

“Inventories are up more than any period since 2007. We’re not all the way back to that peak, but it should be a nice first quarter at least.”

Will 2015 be as strong as Wilmouth thinks? Cast your vote using our poll.

Source: Wall Street Journal