2010 Thought to be Year of Slow but Positive Growth for Legal Profession
Washington, D.C., Mar. 3, 2010 – Hildebrandt Baker Robbins and the Law Firm Group at Citi Private Bank released their annual Client Advisory today. The two organizations are among the most trusted and respected advisors to the legal profession. The 2010 Client Advisory forecasts that 2010 will be a year of gradual growth in the industry, with revenues remaining at or slightly above 2009 levels.
“We believe the worst is over,” said Dan DiPietro, advisory head of Citi’s Law Firm Group. “However, while the profession is no longer in crisis mode, we recognize that firms will remain under intense pressure to create new models for pricing and delivery of legal services. The report addresses these issues as well as the industry’s response to the current market environment.”
“We believe that there will be a buyer’s market for legal services for the foreseeable future, and that this will fundamentally change the way firms approach the practice of law,” said James W. Jones, co-managing director of Hildebrandt Baker Robbins. “The watchwords of the day are efficiency and cost effectiveness. We are already seeing evidence of new ideas for pricing and the increased use of technology to streamline business processes in order to gain competitive advantage.”
The 2010 Client Advisory draws from data presented in the Full Year 2009 Flash Report, an analysis of 193 U.S.-headquartered law firms by Citi Private Bank, and from the Peer Monitor survey of over 100 U.S.-based law firms. Peer Monitor is a unit of Hildebrandt Baker Robbins.
To download a complete copy of the 2010 Client Advisory, please click here or visit the Hildebrandt Baker Robbins web site at www.hildebrandt.com. Hildebrandt Baker Robbins is a Thomson Reuters business.
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About Citi Private Bank
Citi Private Bank is a business of Citigroup Inc. ("Citigroup"), which provides its clients access to a broad array of products and services available through bank and non-bank affiliates of Citigroup. Not all products and services are provided by all affiliates or are available at all locations.
Citi, the leading global financial services company, has approximately 200 million customer accounts and does business in more than 140 countries. Through Citicorp and Citi Holdings, Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services and wealth management. Additional information may be found at www.citigroup.com or www.citi.com.
About Thomson Reuters
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About Hildebrandt Baker Robbins
Hildebrandt Baker Robbins is a multidisciplinary consulting firm, helping law firms, legal departments and other professional service organizations plan, implement and measure key strategic, management, operations and technology goals. The firm serves major global law firms and corporations, and its consultants provide practical business and technology solutions from offices in New York; Washington, D.C.; Houston; Chicago; San Francisco; London; Somerset, NJ; Eagan, Minn.; Beijing; Hong Kong and Sydney. For more information, please visit www.hbrconsulting.com or send an email to info@hbrconsulting.com.
