In 2024, There's Nowhere For Biglaw To Go But Up
Can the legal industry build upon its success in 2023? All signs are pointing to yes.
Ed. note: Welcome to our daily feature, Quote of the Day.
We had a nice acceleration, and to close out a pretty good year, all things considered. It’s as good as the industry has looked since coming into 2022.
What we’ve heard is the drivers of 2023′s growth are still in place. That gives us a base. And the doubling of expectations into 2024 is highly driven by the transactional market.
— Owen Burman, senior consultant and managing director with Wells Fargo’s Legal Specialty Group, in comments given to the American Lawyer on the group’s 2023 year-end survey. Wells Fargo found that Biglaw’s revenue growth was up by 6% at the year’s end, up from
4.6% through Q3. In addition, demand was up 0.7% from 0.2%, with standard billing rates at an all-time high of 8.3%.
Staci Zaretsky is a senior editor at Above the Law, where she’s worked since 2011. She’d love to hear from you, so please feel free to email her with any tips, questions, comments, or critiques. You can follow her on Twitter and Threads or connect with her on LinkedIn.
