Dan DiPietro, chairman of the Law Firm Group at Citi Private Bank, is keeping an eye on law firms that could be in trouble and putting them on a watch list.
The list is “somewhat robust,” DiPietro tellsBloomberg Law in a video interview, though he says not every firm that earned a spot is in big danger. “We have varying degrees of concern,” he said, “from very slight concern ranging to, ‘Oh my God.’ ”
DiPietro tells Bloomberg that law firm profit numbers often are lagging indicators of a law firm’s financial health. He’s more attuned to leading indicators, including partner departures.
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