Revenue growth was led by strong demand and not rate increases which was the case in recent years.
— Joe Mendola, senior director of sales for Wells Fargo Private Bank Legal Specialty Group, commenting on the data found in Wells Fargo’s latest report on law firm revenue. Per the report, U.S. law firm revenue climbed 14% during the first nine months of 2021 over the same period in 2020. Revenue for the 50 highest-grossing Am Law firms increased by 17%, while lower-ranked firms saw increases of 10% on average. Demand for legal services was up 7% during the first nine months of the year.
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 or connect with her on LinkedIn.