Biglaw

Wells Fargo Private Bank’s Survey Shows Rate Increases Helped Gross Revenue
Download PDF
1 Star2 Stars3 Stars4 Stars5 Stars (No Ratings Yet)
Loading...

gross revenue

Summary: Am Law 100 law firms are seeing growth but not as promising as would have been hoped for when most have increased their numbers as well.

Wells Fargo Private Bank’s legal specialty group has released the findings from their survey. They found that Am Law 100 are seeing gross revenue up 4.1 percent whereas the Second Hundred are only seeing a growth up 2.65 percent.

  
What
Where


However, demand has only increased by 1.7 percent for Am Law 100 firms and is mostly flat for the Second Hundred. This rate leads one to assume revenue growth is from rate increases instead of new work.

The executive summary of the report highlights “the question on most managing partners’ minds seems to be ‘whether the rate increases are sustainable’, when juxtaposed against flat demand at best.”

Firms in Florida and the Southeast saw the biggest revenue growth at 7 percent and 6 percent. For firms where profits per partner were over $2 million, revenue only increased by 2.1 percent.

Get JD Journal in Your Mail

Subscribe to our FREE daily news alerts and get the latest updates on the most happening events in the legal, business, and celebrity world. You also get your daily dose of humor and entertainment!!




Law firms saw an increase in attorney numbers this year but the annual billable hours that lawyers worked for Am Law 100 firms was down by six hours. Second Hundred lawyers billed even less. This supports the findings by Altman Weil last year that firms are worried their partners are not busy enough.

There were a total of 125 law firms to participate in the report, 60 of which were Am Law 100 firms. Citi Private Bank’s law firm group published their survey earlier in the month, showing promising numbers.



Source: http://www.americanlawyer.com/home/id=1202736111757

Photo: trai.gov.in



 

BCG FEATURED JOB

Locations:

Keyword:



Search Now

Junior Land Use Attorney with experience

USA-CA-Westlake Village

Los Angeles office is seeking a junior land use associate with 1-6 years of experience. Candidate mu...

Apply Now

RELEVANT JOBS

Litigation Attorney (5+ years)

USA-FL-Fort Lauderdale

The Fort Lauderdale office of Kaufman Dolowich & Voluck seeks an experienced litigation associate wi...

Apply now

Director of Originations, Litigation Finance Investments

USA-TX-Dallas

Location is flexible nationwide -- NOT only Dallas. Job Summary Rapidly growing litigatio...

Apply now

Market Research Consulting Analyst for Litigation Projects

USA-MA-Waltham

Applied Marketing Science, Inc. (AMS) is a market research and consulting firm located in Waltham, M...

Apply now

Associate Attorney

USA-SC-Conway

AWARD-WINNING LAW FIRM SEEKING TWO ASSOCIATE ATTORNEYS Ward Law Firm is seeking two ambitious a...

Apply now

Most Popular

SEARCH IN ARCHIVE

To Top