Law Firm Revenues Rise Driven by robust billing rates and rising demand, revenue at US law firms increased 11.4% in the first half of 2024 compared to the same period in 2023, according to Wells Fargo’s Legal Specialty Group. The Wells Fargo survey included over 130 law firms, including 66 of the 100 top-earning firms in the US. The boost in revenue was fueled by stronger demand from capital markets and mergers and acquisitions (M&A) activity, as well as other legal services including litigation, antitrust, restructurings, and investment management. Revenue growth in the first half of 2024 was strongest for the 50 highest-grossing law firms, which saw revenue rise 13.8% compared to 7% growth for the next 50 largest firms. Overall, law firms’ productivity rose an average of 1.5% in the first half of 2024 compared to a year earlier.
News Spotlight:
‘We will see an uptick’: Why law firm M&A is on the rise with more deals expected Philadelphia Business Journal: Full Article »
Industry Forecast
Sales for the US law firms industry are forecast to grow at a 3.4% compounded annual rate from 2024 to 2028, slower than the growth of the overall economy.
By the Numbers
Employment by law firms is relatively flat Overall employment by law firms changed -0.2% in July 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 $50.06 per hour in July, a 2.7% change compared to a year ago.
Lion Business Advisors quarterly industry insights data provided by VerticalIQ industry intelligence platform
Industry Insight Report: Law Firms Q3-2024
Law Firm Revenues Rise
Driven by robust billing rates and rising demand, revenue at US law firms increased 11.4% in the first half of 2024 compared to the same period in 2023, according to Wells Fargo’s Legal Specialty Group. The Wells Fargo survey included over 130 law firms, including 66 of the 100 top-earning firms in the US. The boost in revenue was fueled by stronger demand from capital markets and mergers and acquisitions (M&A) activity, as well as other legal services including litigation, antitrust, restructurings, and investment management. Revenue growth in the first half of 2024 was strongest for the 50 highest-grossing law firms, which saw revenue rise 13.8% compared to 7% growth for the next 50 largest firms. Overall, law firms’ productivity rose an average of 1.5% in the first half of 2024 compared to a year earlier.
News Spotlight:
‘We will see an uptick’: Why law firm M&A is on the rise with more deals expected
Philadelphia Business Journal: Full Article »
Industry Forecast
Sales for the US law firms industry are forecast to grow at a 3.4% compounded annual rate from 2024 to 2028, slower than the growth of the overall economy.
By the Numbers
Employment by law firms is relatively flat
Overall employment by law firms changed -0.2% in July 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 $50.06 per hour in July, a 2.7% change compared to a year ago.
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