A Wells Fargo survey of law firm performance in the first quarter showed demand and billing rate growth, particularly among the largest firms, led to revenue gains that were more than double the size of growth in the same period last year, the bank said Wednesday.

Wells Fargo’s Legal Specialty Group tallied a 9.5% revenue increase across Am Law 200 firms in Q1, driven by an acceleration in demand and supported by a rebound of capital markets and large-ticket mergers and acquisitions work, plus countercyclical work continuing “apace.”