Credit: Feodora/Adobe Stock Law Firms Witnessed a 'Return to Profit Growth' in 2023
After profits per equity partner dipped by 5.7% in 2022, they climbed by 6.6% in the last year, according to data from Citi's Global Wealth at Work Law Firm Group.
February 09, 2024 at 04:03 PM
5 minute read
What You Need to Know
- Across the industry, revenues grew 6.1% in 2023 over 2022, contributing to a growth in profits per equity partner of 6.6%.
- However, collection cycles continued to lengthen and costs continued to rise last year.
- One hopeful sign is that, on average, dips in demand and productivity moderated throughout 2023.
The legal industry saw profitability resume its growth in 2023, with law firms increasing average revenues by 6.1% in the last year, outpacing expense growth of 5.6%. Ultimately, profits per equity partner grew by 6.6%, according to researchers at Citi's Global Wealth at Work Law Firm Group.
That's good news, especially when compared with a 5.7% PEP decline in 2022.
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