Ed. note: Welcome to our daily feature, Quote of the Day.
The industry saw a positive end in 2023. The positives are that the industry shows a return to profit growth, and moderation in those demand declines we’ve been reporting throughout the year.
We are optimistic that ‘24 will be a better year than ‘23. I say that because of the continued performance of practice areas that drove demand last year together with the anticipated rebound in transactional practices.
— Gretta Rusanow, managing director and head of law firm advisory services at Citi’s Global Wealth at Work Law Firm Group, in comments noted by the American Lawyer on law firms’ financial performance in 2023, and looking ahead to their performance in 2024. According to Citi, last year, law firms increased average revenues by 6.1% in 2023, while profits per equity partner grew by 6.6%.
Staci Zaretsky is a senior editor at Above the Law, where she’s worked since 2011. She’d love to hear from you, so please feel free to email her with any tips, questions, comments, or critiques. You can follow her on Twitter and Threads or connect with her on LinkedIn.