Bloomberg Law
Jan. 31, 2022, 9:33 PM

Law Firms See 5% Revenue Growth After 2021 Boom, Survey Shows

Elizabeth Olson
Elizabeth Olson
Special Correspondent

U.S. law firms facing economic threats of inflation and rising interest rates project 5.3% revenue growth this year, down from a 14% increase in 2021, a Wells Fargo & Co. survey shows.

The prediction is close to the result in 2019, the last full year before the pandemic, when firms had 4.6% revenue growth, said Joe Mendola, senior director of sales for Wells Fargo Private Bank’s Legal Specialty Group.

”Law firms will certainly be affected by inflation, increasing rates, and other effects of the economy,” Mendola said in an interview.

The outlook follows a year in which law firms cashed ...

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