Large Law Firm Revenues Defy Pandemic Expectations, Report Says

Even as Covid-19 threatened to upend the legal industry, firms tightened their reins and chalked up a robust 5.7% increase in revenues in the first nine months of the year, according to a new report.

The nine-month survey from Wells Fargo Private Bank’s Legal Specialty Group said firms took advantage of investments in remote access and automation this year. They also applied lessons from the Great Recession, more strictly managing areas like workforce size and expense outlays, the report said.

“Despite a mountain of industry challenges, 2020 will likely turn out to be better than most firms had anticipated,” it ...