Credit: bizvector/Adobe StockExceptional Growth Becoming the Rule? Demand Drove Strong Year for Big Law
Rate increases covered rising expenses, allowing heightened demand across a variety of practices to boost revenue growth into the double digits for the average law firm, according to a recent Citi survey.
February 07, 2025 at 04:23 PM
3 minute read
What You Need to Know
- Law firms in a recent Citi survey improved gross revenue by 12.3% in 2024.
- Robust rate increases, heightened demand and disciplined billing practices helped drive the growth.
- Strong performances from a variety of practices set firms up for another strong year in 2025, especially if transactional demand continues to increase.
Big Law broadly had a strong year in 2024, according to a new survey from Citi's Global Wealth at Work Law Firm Group that illustrated a team effort from a spectrum of pro-cyclical and countercyclical practices.
Gross revenue increased by 12.3% and net income rose 16.6% on average across Citi's cohort of 200 law firms, according to Citi's Full Year Quarterly Survey, which includes a roughly even distribution of Am Law 100, Second Hundred and unranked firms.
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