Credit: jozefmicic/stock.adobe.com Billing Rate Growth and Litigation Demand Drive Big Law Gains in Q1
Worked billing rates were up 6.4% in Q1, the highest quarter-over-quarter increase since at least the Great Recession, noted Thomson Reuters' Bill Josten.
May 06, 2024 at 05:00 AM
4 minute read
What You Need to Know
- The Law Firm Financial Index report found that worked billing rate growth drove revenue and profits in the first quarter.
- Revenue was up 5.7%, and profits were up 5.8% across the industry, according to the report.
- Countercyclical practices remain robust, Bill Josten said, but transactional optimism may recede after the Fed failed commit to interest rate cuts.
Litigation practices remain a "bright light" for law firms now, while billing rate increases in the first quarter are continuing to drive Big Law financial gains, according to a new report.
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