Wednesday, February 14, 2018
The Recorder, California Firms Lead in Revenue, Demand Growth in 2017, Citi Says:
Law firm revenue was up in both Northern and Southern California in 2017, outpacing most other regions surveyed in a recent report from Citi Private Bank’s Law Firm Group.
The gross revenue for Northern California firms increased by 7.2 percent in 2017, which was the highest among the 11 geographic regions analyzed, said John Wilmouth, senior client adviser in Citi’s law firm group. Southern California firms saw gross revenue growth of 5.9 percent, good enough for fourth-best in the country when compared to other regions.
Both regions outperformed the industrywide average of 4.5 percent, which was greater than the 3.8 percent growth seen in 2016. ...
Nationally, expense growth was up 4.5 percent for 2017, compared to 3.4 percent in 2016. Total lawyer compensation was up 7.1 percent in Northern California and 8.5 percent in Southern California, the latter of which saw that percentage tied with Pennsylvania.