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Law Firms Won't See Big Profit Bumps In 2016, Report Says

Law360, New York (August 15, 2016, 1:27 PM EDT) -- Law firms shouldn’t expect much, if at all, in terms of profit growth between 2015 and 2016 due in large part to weak demand and a projected uptick in expenses, according to a report released Monday by Citi Private Bank’s law firm group.

While demand for law firms’ services increased by a healthy 1.8 percent in the first quarter of the year, it fell off during the second quarter, leading to a modest 0.3 percent increase in demand for the first half of 2016. Couple that with projected increases in expenses following a slew of associate pay raises in July, and...

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