Credit: Supatman/Adobe StockProfits Surge Across Big Law Tiers, but Am Law 50 Segmentation Accelerates
Revenue across law firm segments rose 12.5%, and with tight control over the size of equity partnerships, PEP increased by 16.9%, Wells Fargo said.
January 29, 2025 at 05:06 PM
4 minute read
Law firm gross revenue increased at its fastest rate last year since the transactional boom in 2021, while profits per partner surged by double digits, including close to 20% for the top 50 firms, according to the latest bank survey results about 2024.
Overall, Wells Fargo Legal Specialty Group, in its year-end survey results published Wednesday, said billing rate increases, private capital-focused practices, and Big Law’s “tight control over the size of equity partnership” propelled the legal industry—and particularly the most profitable firms—to another “very strong” financial year in 2024.
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