Credit: andranik123/Adobe Stock Capitalizing on 'Best of All Worlds Environment,' Law Firms Largely See Revenues Rise Through Third Quarter
Taking advantage of widely growing demand and productivity, paired with rising rates, over 90% of the 120 law firms included in a recent Wells Fargo legal survey reported higher revenues for the first nine months of 2021 when compared to last year.
November 15, 2021 at 06:01 PM
4 minute read
Law Firm Competition
Fueled by deals, revenue at law firms grew by 14% for the first nine months of 2021, continuing the pace set during the first half of the year, and far exceeding 6% growth during the same period in 2020, according to results of the Wells Fargo Legal Specialty Group Nine-Month 2021 Check-in Survey.
"Firms continue to benefit from this 'best of all worlds' environment with almost everything going right: growth in demand, rates, and productivity—each up 6% or more, against generally easy comparisons a year ago," the private bank wrote in a Monday press release.
Big firms continue to lead the pack, as revenue for the Am Law 50 firms that participated in the survey grew by 17% for the three quarters, compared with 10% for the rest of the Am Law 100 and the Second Hundred. Significantly, 93% of firms reported an increase in revenue for the nine months when compared with the prior year, which was a time when the COVID-19 pandemic impacted the legal industry.
Broken down, 68% of Am Law 50 firms reported more than 10% revenue growth, as did 45% of the rest of the Am Law 100, and 41% of the Second Hundred.
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