Revenue in the first nine months of 2024 increased by 12.8% compared to the same period last year, primarily driven by an increase in standard billing rates. The law firm industry experienced very strong performance, improving upon previous momentum, primarily because standard billing rates rose by 9%. Am Law 50 firms showed even more substantial growth, indicating a clear upward trend in the legal sector revenue.
The year-over-year revenue growth of 12.8% was eclipsed only by a 14.4% growth in 2021, showing that 2024 is another strong year for the legal industry. The report notes that while net income has also risen by 22.2%, firms should be cautious due to potential seasonality in these figures. High billing rates have been a key driver of this financial uptick in law firms.
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