SBM Blog makes no comment on the value of Citibank Hildebrandt's prognostications, but FWIW, here's an excerpt from its 2013 client advisory on the subject of legal market trends:
For the legal industry, the results in 2012, another turbulent year, were largely a repeat of trends that emerged over the prior three years. In fact, we think it is time to let go of any lingering notion that the industry will revert to the boom years before the Great Recession anytime soon. With profit growth and other financial indices reaching lower setpoints in the past four years, we anticipate that the current state of the industry will remain the norm for the foreseeable future.
