A Better 2012 for BigLaw (With Big Asterisks)
Feb. 7. (Bloomberg Law) -- Law firm profits at a selection of the nation's largest firms increased by 4.3 percent in 2012, but "we do have some concerns about what drove the results," Dan DiPietro, chairman of Citi Private Bank's Law Firm Group tells Bloomberg Law's Lee Pacchia. At the 179 firms Citi surveyed (80 Am Law 100 firms, 49 Am Law 200 firms, and 50 additional firms), demand grew at just 0.2 percent. Revenue grew at 3.6 percent in 2012, but much of that was because of deal work that began, ended and was collected in the fourth quarter because of concerns about increasing tax rates in 2013, he says.