Bank of America Tower (center), 600 Peachtree St. N.E., Atlanta. (Photo: John Disney/ALM) Atlanta Law Firms See Faster Profit Growth, Despite Slowdowns in Revenue
Firms have shifted their leverage models, helping to bump up profits per equity partner for a second year, said Wells Fargo.
February 08, 2024 at 04:41 PM
5 minute read
Law Firm Management
What You Need to Know
- A year-end survey showed Atlanta firms revenue on average by 4.4% last year, slower than any of the other seven major markets that the bank tracked.
- But partners' net income and profits rose by at least double the 2022 rate in Atlanta.
- The year-end survey showed Atlanta billing rates increased slightly less than in 2022 but still topped 9%.
Atlanta law firms, on average, saw slower revenue and demand growth in 2023 than the prior year, but they managed to grow profits faster, partly due to changes in leverage, according to bank survey data.
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