Revenue at the country’s 100 largest law firms rose by 11.4% in the first quarter, outpacing the growth a year ago, Wells Fargo & Co.'s legal banking unit said Tuesday.
Firms gained revenue despite a slower growth in demand for lawyers’ time. Demand, as measured by billable hours, rose 1.7% in the quarter, compared with 2.1% in the same period last year, the bank found.
Lawyer headcount rose 3.4% and billing rates rose 9.7% from the first quarter last year, offsetting the slower demand, Wells Fargo said.
Firms increased their hiring this year expecting the strong demand growth they experienced ...