Citi Private Bank Law Firm Group and Hildebrandt Consulting Issue 2021 Citi Hildebrandt Client Advisory - Seite 2

“What’s clear going into 2021 is that firms will need to consider the expected balance of remote and office work as part of their growth strategies, including focusing on maintaining a cohesive and inclusive culture” said Brad Hildebrandt, Chairman of Hildebrandt Consulting. “The legal industry typically weathers downturns better than expected, and better than other industries. This has been the experience of 2020, and we expect the same to be true of the law firm industry’s performance next year.”

Our analyses and projections are based on data collected from a sampling of primarily US-headquartered law firms by Citi Private Bank, as well as conversations with law firm leaders. For third-party providers of legal services, our information is mostly anecdotal. Sources include the “Citi Annual Survey Database” of 212 US and UK-headquartered firms, including 44 Am Law 1-50 firms, 37 Am Law 51-100 firms, 55 Am Law Second Hundred firms, and 76 additional firms; 138 firms from the “Citi Flash 1H’20 Survey (Q2 Performance and 2021 Projections)”, including 32 Am Law 1-50 firms, 21 Am Law 51-100 firms, 37 Am Law Second Hundred firms and 48 additional firms; 182 firms from the “Citi Flash Survey”, including 44 Am Law 1-50 firms, 31 Am Law 51-100 firms, 48 Am Law Second Hundred firms and 59 additional firms; 88 firms from Citi’s “Coronavirus: How Are You Responding? Surveys” conducted during March to October 2020; and the “Law Firm Leaders Confidence Index” which reports the forward-looking opinions of law firm leaders from 166 firms.

The full report can be accessed via the Citi Private Bank website here.

About Citi Private Bank:

Citi Private Bank is dedicated to serving worldly and wealthy individuals and families, providing customized private banking across borders. With around $500 billion in total client business, the franchise serves clients across 50 cities in over 100 countries. Citi Private Bank helps clients grow and preserve wealth, finance assets, make cash work harder, safeguard assets, 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, art advisory and finance, and sports finance.