Credit: radoma/Adobe Stock Billing Rate Increases, Demand Gains Help Law Firms Double Their Revenue Growth in Q1
Billing rate growth "continues to be the primary contributor to revenue growth," with standard rates increasing 9% in Q1 2024, Wells Fargo said.
May 01, 2024 at 04:08 PM
4 minute read
What You Need to Know
- Wells Fargo's Legal Specialty Group tallied a 9.5% revenue increase across the Am Law 200 in Q1.
- The gains came from accelerating demand, a rebound in transactional work, but most of all, higher rate growth, according to the group's Q1 survey results.
- However, there's a little more uncertainty about 2024 than there was earlier in the year, said Owen Burman of Wells Fargo.
A Wells Fargo survey of law firm performance in the first quarter showed demand and billing rate growth, particularly among the largest firms, led to revenue gains that were more than double the size of growth in the same period last year, the bank said Wednesday.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
NOT FOR REPRINT
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Related Stories
View AllYou Might Like
View All
Changes at the Top: How 'Different Leadership Skills' Are Prevailing in Big Law
'Never Been More Dynamic': Big Law Leaders Reflect on 2024 and Expectations Next Year
7 minute read
Law Firms Mentioned
Trending Stories
- 1Jimmy Carter’s 1974 Law Day Speech: A Call for Lawyers to Do the Public Good
- 2Second Circuit Upholds $5M Judgment Against Trump in E. Jean Carroll Case
- 3Clifford Chance Hikes Partner Pay as UK Firms Fight to Stay Competitive on Compensation
- 4Judicial Conduct Watchdog Opposes Supreme Court Justice's Bid to Withdraw Appeal of Her Removal
- 5Lessons in Mediation & Negotiation: Attorneys' Reflections on Jimmy Carter
Who Got The Work
Michael G. Bongiorno, Andrew Scott Dulberg and Elizabeth E. Driscoll from Wilmer Cutler Pickering Hale and Dorr have stepped in to represent Symbotic Inc., an A.I.-enabled technology platform that focuses on increasing supply chain efficiency, and other defendants in a pending shareholder derivative lawsuit. The case, filed Oct. 2 in Massachusetts District Court by the Brown Law Firm on behalf of Stephen Austen, accuses certain officers and directors of misleading investors in regard to Symbotic's potential for margin growth by failing to disclose that the company was not equipped to timely deploy its systems or manage expenses through project delays. The case, assigned to U.S. District Judge Nathaniel M. Gorton, is 1:24-cv-12522, Austen v. Cohen et al.
Who Got The Work
Edmund Polubinski and Marie Killmond of Davis Polk & Wardwell have entered appearances for data platform software development company MongoDB and other defendants in a pending shareholder derivative lawsuit. The action, filed Oct. 7 in New York Southern District Court by the Brown Law Firm, accuses the company's directors and/or officers of falsely expressing confidence in the company’s restructuring of its sales incentive plan and downplaying the severity of decreases in its upfront commitments. The case is 1:24-cv-07594, Roy v. Ittycheria et al.
Who Got The Work
Amy O. Bruchs and Kurt F. Ellison of Michael Best & Friedrich have entered appearances for Epic Systems Corp. in a pending employment discrimination lawsuit. The suit was filed Sept. 7 in Wisconsin Western District Court by Levine Eisberner LLC and Siri & Glimstad on behalf of a project manager who claims that he was wrongfully terminated after applying for a religious exemption to the defendant's COVID-19 vaccine mandate. The case, assigned to U.S. Magistrate Judge Anita Marie Boor, is 3:24-cv-00630, Secker, Nathan v. Epic Systems Corporation.
Who Got The Work
David X. Sullivan, Thomas J. Finn and Gregory A. Hall from McCarter & English have entered appearances for Sunrun Installation Services in a pending civil rights lawsuit. The complaint was filed Sept. 4 in Connecticut District Court by attorney Robert M. Berke on behalf of former employee George Edward Steins, who was arrested and charged with employing an unregistered home improvement salesperson. The complaint alleges that had Sunrun informed the Connecticut Department of Consumer Protection that the plaintiff's employment had ended in 2017 and that he no longer held Sunrun's home improvement contractor license, he would not have been hit with charges, which were dismissed in May 2024. The case, assigned to U.S. District Judge Jeffrey A. Meyer, is 3:24-cv-01423, Steins v. Sunrun, Inc. et al.
Who Got The Work
Greenberg Traurig shareholder Joshua L. Raskin has entered an appearance for boohoo.com UK Ltd. in a pending patent infringement lawsuit. The suit, filed Sept. 3 in Texas Eastern District Court by Rozier Hardt McDonough on behalf of Alto Dynamics, asserts five patents related to an online shopping platform. The case, assigned to U.S. District Judge Rodney Gilstrap, is 2:24-cv-00719, Alto Dynamics, LLC v. boohoo.com UK Limited.
Featured Firms
Law Offices of Gary Martin Hays & Associates, P.C.
(470) 294-1674
Law Offices of Mark E. Salomone
(857) 444-6468
Smith & Hassler
(713) 739-1250
