According to Wells Fargo's year-end survey, law firms reported a 12.5% increase in revenue for 2024, up from 6% in 2023, largely owing to rising billing rates. The survey, which included over 130 of the top-grossing firms, noted a 9.1% increase in standard billing rates. Additionally, profits per equity partner rose by 16.9%, indicating effective management of equity partner numbers. Demand for legal services saw a 3.5% increase in billable hours. The Am Law 50 firms outperformed others with a 13.9% revenue growth, suggesting strong competitiveness in the sector.
The law firm industry experienced very strong performance in 2024, with a 12.5% increase in revenue driven by growth in billing rates, according to Wells Fargo.
Standard billing rates increased 9.1% in 2024, surpassing the 8.3% growth from 2023, reflecting a robust demand for legal services.
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