Florida-Based Law Firms Start to Lag, As New York Takes a Bigger Piece of Deals
Sunshine State firms have been having a harder time keeping up with their competitors to the north, after an interval where they were outpacing these rivals, according to a Wells Fargo legal market survey.
November 22, 2024 at 01:12 PM
3 minute read
What You Need to Know
- A Wells Fargo legal market survey shows that Florida-based law firms are no longer outpacing other markets.
- New York-based firms took advantage of more M&A activity to boost net income significantly.
- Florida's inability to match New York's momentum along with higher costs, less demand and less realization led to some lag in the Sunshine State's legal market.
Florida-based law firms have generated modest revenue gains through the first nine months of 2024, but a failure to capture a major piece of this year's M&A rebound has left them lagging competitors elsewhere, according to a new report from the Wells Fargo Legal Specialty Group.
Those Florida-based firms also continued seeing expenses soar while demand growth fell short of the national average, according to the latest Wells Fargo quarterly survey. The third quarter results are just the latest sign of Florida’s legal market facing some headwinds after years of hype around its ability to outpace other markets, particularly New York.
The survey’s Florida results are based on a group of seven firms—some in the Am Law 200, and some unranked—that primarily operate in Florida.
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