The American Lawyer reports on Citibank’s Private Banking Flash Report on their law firm clients from the first quarter of 2009. They aggregate the data (without identifying individual firms) of their participating clients, which consist of 71 Am Law 100 firms, 50 Second Hundred firms, and 54 smaller firms.
A few key findings:
Revenues were down 3.7% over 2008 Q-1; demand was down 6%; and headcount up 2.5%. Also, AmLaw 100 firms were more affected than the rest.
Read the whole thing — especially Citibank’s recommendations to its clients.