Law Firm Revenue Jumps 13% in 2024, Fueling a Profit Surge (1)

US law firm revenue grew nearly 13% last year in the industry’s second-best performance since the Great Financial Crisis, a bank survey found.

Net income, or the total pool of profits distributed to equity partners, rose 17%, according to Wells Fargo & Co.'s legal banking unit. Demand, as measured in billable hours logged, rose 3.5%, compared to just .7% in 2023.

“Very few people would have expected last year to be as good as it was,” said Les Starck, a senior consultant for the bank’s legal specialty group. Billing rates in 2024 rose 9.1% from the prior year, Wells Fargo ...