Last year may not have matched 2018’s performance, but 2019 was a year of solid growth for the legal industry, building on the strong results we reported for 2018. Revenue growth exceeded expense increases, widening margins. Rate increases were the strongest we have seen since 2008. Meanwhile, demand growth continued to accelerate as the year progressed. And while a longer collection cycle dampened revenue growth in 2019, strong inventory growth places the industry in a comfortable position to start 2020.
