(Credit: radoma/Adobe Stock) Elite Law Firms Pushed Industry Gains in First Half of 2024
The growth in "rack" billing rates remains the "primary contributor" to revenue growth and "was considerably higher for the Am Law 1-50 (10%) than for the other tiers, said Wells Fargo in its first-half report.
August 26, 2024 at 03:55 PM
4 minute read
Law Firm Profitability
The original version of this story was published on The American Lawyer
What You Need to Know
- Law firms overall notched an 11.4% increase in revenue during the first six months of 2024, Wells Fargo said Monday.
- Firms also recorded 3.1% demand growth and an 8.8% rise in standard or 'rack' billing rates.
- Still, a cohort of mostly top 50 firms recorded double that demand growth. Though tenuous, top 50 firms also saw 25.9% increase in PEP.
Evidence of a historically strong year for the legal industry is mounting, with another bank report this week finding law firms experienced "among the best first halves" they've seen in years in 2024 and billing rate growth again pushing revenue higher.
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