The growth in “rack” billing rates remains the “primary contributor” to revenue growth and “was considerably higher for the Am Law 1-50 (10%) than for the other tiers, said Wells Fargo in its first-half report.
Evidence of a historically strong year for the legal industry is mounting, with another bank report this week finding law firms experienced “among the best first halves” they’ve seen in years in 2024 and billing rate growth again pushing revenue higher.
Law firms overall notched an 11.4% increase in revenue during the first six months of 2024, more than doubling their gains relative to the same time period last year, according to the Wells Fargo Legal Specialty Group, as yet another strong rise in billing rates (8.8%) and an acceleration in demand (3.1%) fueled growth.
