Law firms showcased their resiliency in 2020, with the legal industry seeing more than 14% net income growth, according to a new analysis from Citi Private Bank’s Law Firm Group. But firms that boosted their collection efforts — and remain focused on them — could be in particularly good shape this year, the analysis shows.

The analysis, published Wednesday, notes that firm leaders in 2020 placed a premium on recording time and bill payment, allowing them more cash flow oversight while COVID-19 created uncertainty, especially in the second quarter of the year. The collection cycle also lengthened as activity spiked during the fourth quarter.