Brad Hildebrandt, Chairman of Hildebrandt Consulting, added, "Despite the challenges outlined in this Client Advisory, we believe that the law firm industry will continue to grow, albeit modestly. It remains one of the most profitable personal services businesses in the world. That said, we expect to see further consolidation and some law firm dissolutions as weaker firms lose their ability to compete."The 2018 Citi Hildebrandt Client Advisory draws from data collected from a sampling of primarily US-headquartered law firms by Citi Private Bank. For firms headquartered outside the US and third-party providers of legal services, the information is mostly anecdotal. For third-party providers of legal services, our information is mostly anecdotal. Sources include the "Citi Annual Survey Database" of 193 US-headquartered firms, including 44 Am Law 1-50 firms, 34 Am Law 51-100 firms, 47 Am Law 2nd 100 firms, and 68 additional firms; the "Citi Flash Survey", including 40 Am Law 1-50 firms, 29 Am Law 51-100 firms, 47 Am Law 2nd 100 firms and 45 additional firms; the "Citi Law Firm Leaders Survey" of 55 large firms headquartered in the US, UK, Australia, China and India; and the "Law Firm Leaders Confidence Index," which reports the forward-looking opinions of law firm leaders from 154 US-headquartered firms. About Citi Citi Private Bank's Law Firm Group provides financial services to more than 650 U.S. and U.K. law firms and more than 38,000 individual lawyers, with over 200 professionals and local service teams in 14 offices. Each quarter, the Law Firm Group confidentially surveys firms in The Am Law 100 and Second Hundred, along with smaller firms. The group additionally conducts a more detailed annual survey. These reports, together with extensive discussions with law firm management conducted on an ongoing basis, provide a comprehensive overview of financial trends in the industry and insight into where it is headed.
Citi Private Bank is dedicated to serving worldly and wealthy individuals and families, providing customized private banking across borders. With approximately $390 billion in global assets under management, the franchise includes 48 offices, serving clients across 130 countries. Citi Private Bank helps clients grow and preserve wealth, finance assets, make cash work harder, preserve legacies, and serve family and family business needs. The firm offers clients products and services covering capital markets, managed investments, portfolio management, trust and estate planning, investment finance, banking and aircraft finance, as well as art and sports advisory and finance.Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. 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 | Twitter: @Citi | YouTube: www.youtube.com/citi | Blog: http://blog.citigroup.com | Facebook: www.facebook.com/citi | LinkedIn: www.linkedin.com/company/citi. About Hildebrandt Consulting Hildebrandt Consulting is continuing its long and distinguished history as the preeminent global consulting firm in the legal profession. With clients in over 15 countries, Hildebrandt has built up unmatched expertise in every aspect of professional firm management. Our reputation for helping firms arrive at strategic solutions comes from our knowledge of the interdependent elements that contribute to overall business performance.