Law firm financial performance finished 2017 on a positive note, with a larger segment of the legal market contributing to upward trends in revenue and profits than in recent years, according to a new report by Wells Fargo Private Bank’s Legal Specialty Group.
The report, drawn from a survey of 160 firms, reported that law firm revenue and profits were up between 3 percent and 4 percent for the legal market overall. Firms in the Am Law 50 reported revenue growth of 6.8 percent in 2017, while the Am Law 100 as a whole reported a 5.26 percent increase in revenue. Firms in the Am Law Second Hundred saw a smaller revenue uptick of 2.33 percent in 2017, the report revealed (as quoted in The American Lawyer).
“The enthusiasm is derived from a slight-to-moderate improvement in transactional activity,” the Wells Fargo report said. “Most believe the corporate tax changes and a general improvement in our economy will buoy corporate, M&A, capital markets, and other transactional work.”
See highlights from the full article on The American Lawyer.
Contact Bill Sugarman for more information.
Law firms had their best revenue growth in the first half of the year since the recession, with 5.5 percent growth in the first six ...
Associate hiring is now up among law firms nationwide as they strive to get back to normal in a post-pandemic world. This rebound in...
As law firm billing rates are rapidly increasing overall, a new study shows that firms that raised their rates more slowly are start...
