Following a turbulent period, the law firm sector appears to be experiencing a revival, according to findings in the Q1 Flash Report provided by Citi. Observations confirm predictions made during the Citi Hildebrandt Client Advisory Report last fall, pointing towards a positive trajectory for the industry in 2024.
Among the key indicators of this turnaround are rising activity alongside solid revenue and inventory growth, taking the first quarter of 2024 off to a strong start. In this period, the sector has shown impressive double-digit revenue growth at 10.8%, a rebound fueled by an increase in demand, the net value of working hours, and the collection of 2023 year-end inventory. Interestingly, this surge in revenue growth has managed to outpace the continued pressure from expenses.
For more detailed information about the findings in the Q1 Flash Report, you may refer the Citi’s Q1 Flash Survey Report here.