Reports Show Firms Posting Decade-High Revenue Growth for 2018 - Articles

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Posted by: Katharine Heriges on Dec 12, 2018
Two new reports show law firms posted gains during the first three quarters this year that are the best in about a decade, The ABA Journal reports. The nation’s top 50 law firms outperformed other law firms, according to both reports, which were compiled by Wells Fargo Private Bank’s Legal Specialty Group and Citi Private Bank’s Law Firm Group. According to Wells Fargo, revenue increased 8.2 percent at the 50 top firms. Revenue growth was 5.7 percent at law firms ranked 51 to 100 and 2.3 percent for firms ranked 101 to 200. Niche firms outside the top 200 firms also performed well, with demand growing an average of 2.5 percent. The reports did also note a few negatives — the collection cycle has lengthened and law firm costs have risen.