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U.S. law firms have largely succeeded—so far—in weathering a financial storm, even as the country has been battered by the COVID-19 pandemic, according to survey results released Tuesday by Wells Fargo Private Bank.

Although demand has dipped as a result of pressure on the wider economy, a strong first quarter had put firms on solid footing. Furthermore, collections are still up by 3% through May, while expenses have largely been flat. That translates to an increase income for law firm equity partners.

“Through the five-month period, the industry has fared pretty well,” said Joe Mendola, senior director of sales for Wells Fargo Private Bank Legal Specialty Group.

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Dan Packel

Dan Packel covers change and innovation in the legal services market, and writes a weekly briefing for Law.com, "The Law Firm Disrupted," on these subjects. He is based in Philadelphia. Contact him at [email protected] On Twitter at @packeld

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