Law Firm Wage Growth Outruns Pricing US producer prices charged by law firms are not rising as fast as industry wages, which could suggest some firms’ margins may be squeezed by higher labor costs. In late Q3 2023, law firm wages rose nearly 40% faster than the pace of pricing in early Q4. Law firm employment growth was essentially flat in late Q3 compared to the same period in 2022.
News Spotlight:
As Ozempic cases mount, consumer lawyers push to consolidate lawsuits Reuters: Full Article »
Industry Forecast
Sales for the US law firms industry are forecast to grow at a 3.47% compounded annual rate from 2023 to 2027, slower than the growth of the overall economy.
By the Numbers
Employment by law firms increases Overall employment by law firms changed 1.8% in December compared to a year ago, according to the latest data from the Bureau of Labor Statistics.
Wages at law firms rise Average wages for nonsupervisory employees at law firms were $45.74 per hour in December, a 3.6% change compared to a year ago.
Lion Business Advisors quarterly industry insights data provided by VerticalIQ industry intelligence platform
Industry Insight Report: Law Firms Q1-2024
Law Firm Wage Growth Outruns Pricing
US producer prices charged by law firms are not rising as fast as industry wages, which could suggest some firms’ margins may be squeezed by higher labor costs. In late Q3 2023, law firm wages rose nearly 40% faster than the pace of pricing in early Q4. Law firm employment growth was essentially flat in late Q3 compared to the same period in 2022.
News Spotlight:
As Ozempic cases mount, consumer lawyers push to consolidate lawsuits
Reuters: Full Article »
Industry Forecast
Sales for the US law firms industry are forecast to grow at a 3.47% compounded annual rate from 2023 to 2027, slower than the growth of the overall economy.
By the Numbers
Employment by law firms increases
Overall employment by law firms changed 1.8% in December compared to a year ago, according to the latest data from the Bureau of Labor Statistics.
Wages at law firms rise
Average wages for nonsupervisory employees at law firms were $45.74 per hour in December, a 3.6% change compared to a year ago.
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