Together with increased pressure on pricing, the decline in the number of hours is encouraging some firms to cut their charges. 'I think it’s fair to say there has been a fundamental shift in the litigation market,' said Gretta Rusanow, head of advisory services at the bank.

Settlement

So far this year, three law firms have reduced in size due to shrinkage in the litigation sector. Underlying the reduced number of hours is, according to Citi Private Bank, a growing reluctance by clients to litigate. More clients are looking at alternative routes to dispute resolution and at settlements. Source: Bloomberg Business of Law