Report: Law Firms Jacking Up Rates, Demand Flat

Law firm performance dropped off in the third quarter, as demand softened and collections started to lengthen, according to a new report by the Citi Private Bank Law Firm Group.

Released Monday, the data is based on a survey of183 law firms, including 129 of the nation’s largest firms and 54 boutiques.

“One of the keys is that revenue growth decelerated in the third quarter,” said John Wilmouth, a senior client advisor with Citi Private Bank.

Specifically, revenue growth fell to 3.6 percent through the first three quarters, down from 3.7 percent at this time last year. Although the difference ...