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Legal Market Stabilizes, Poised For Growth in 2015
A 2015 Client Advisory issued by Citi Private Bank detailing the state of the legal industry finds that large law firms are in a better position to hope for steady revenue growth from 2014 into 2015.
The report predicts that demand for legal services will continue to maintain at stronger levels than they were in 2013. But the Citi report also points out that growth could be thinned by an increased amount of legal work being outsourced to nontraditional players in the legal market, such as accounting firms, a development detailed by our ALM sibling The American Lawyer this summer. See, “Accounting Firms Make New Foray into Legal Services.”'
Though demand for legal services continues to rise, Citi's analysis finds that the market for litigation services is gradually shrinking, contrasting an uptick in outside counsel sought for transactional matters. The report finds that companies are more likely to seek settlements and other alternative solutions to disputes rather than fight to the end of the case as a result of the higher costs of complex litigation and fears over unwanted media exposure. The Citi report suggests that the proliferation of lower-cost, nontraditional legal service providers further affects the profitability of big firms relying on litigation.
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