Large law firms of all sizes appear to have weathered another challenging year and are relatively optimistic for the year to come, according to the results of ALM’s Q3 2023 Economic Flash Survey.

While few would call 2023 a banner year, most respondents claimed they’ve met or exceeded expectations of performance and profitability set entering the year. And while there is still uncertainty for 2024 surrounding the U.S. economy, there are comparable levels of optimism for Big Law specifically, driven by plans for aggressive rate hikes and increased demand projections.