Revenue at U.S. law firms grew 4.6% in 2019, and law firm management expects that figure will dip to 4.4% for full-year 2020, according to a report released by Wells Fargo Private Bank.
Net income for the 150 law firms Wells Fargo surveyed was up 3.9% from the prior year and demand grew 1.4%, the Wells Fargo report said Monday.
The 2019 results faced a difficult comparison from 2018, when law firms turned in a decade-best performance and saw revenue grow nearly 6% and net income surge 7.6%.
“The industry successfully overcame headwinds including the government shut-down, geopolitical conflicts, and ...