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
Law Firm Profitability
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.
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