Credit: Yuliia Sydorova/Adobe Stock Law Firms Are Still Grasping for the 'Other Side' of Uncertainty
Firms benefitted from 7.7% average billing rate increases in the first half, Wells Fargo said, noting they are continuing to absorb productivity hits in the hopes of getting to the "other side" of the economic storm.
August 21, 2023 at 04:46 PM
4 minute read
Historically high billing rates and strong off-cycle practices helped law firms grow revenue during the first half of the year, even as expenses rose and productivity and demand fell, according to a new report.
Big Law remains in something of a holding pattern, as "economic clouds" continue to stall big transactions and firms are continuing to absorb hits to productivity while waiting for better times, according to a midyear survey by Wells Fargo Private Bank Legal Specialty Group.
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