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Law firms returned to profitability in 2023 as “worked rates” accelerated throughout the year, according to the Law Firm Financial Index report for the fourth quarter of 2023 by the Thomson Reuters Institute.
Law firm revenue increased 4.6% through the third quarter of the year, thanks to a hike in billing rates, according to a survey of more that 120 firms by Wells Fargo’s Legal Specialty Group.
The Law Firm Financial Index remained at its six-quarter high in Q3, as industry focus now turns to wringing out a more profitable 2023.
In our ongoing series, we look at how Midsize law firms are managing the delicate balancing act between rising rates and falling realization.
As we continue to examine the Midsize law firm segment, we look at the balance between increasing countercyclical demand and lawyer headcount