Texas. Credit: Moab Republic/ Adobe Stock Revenue Growth for Homegrown Texas Firms Trailed Industry in First Half of 2024
Demand also declined on average during the first six months of 2024 for the group of Texas firms that participated in the Wells Fargo Legal Specialty Group Six-Month 2024 Survey.
August 28, 2024 at 03:12 PM
3 minute read
Law Firm Profitability
What You Need to Know
- Revenue for Texas firms was up 6.7% during the first half of 2024, compared with 2023, while it grew by 11.4% for the industry.
- While billing rates were up 7.4% for the homegrown Texas firms, demand dropped by 0.4%, results that affected revenue growth.
- The Texas firms did a better job than the industry in keeping expense increases low.
For the first half of 2024, revenue improved by 6.7% on average for a group of homegrown Texas firms when compared with 2023, but that rise lags an 11.4% revenue growth for all firms in the Wells Fargo Legal Specialty Group Six-Month 2024 Survey.
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