Demand for litigation services buoyed a strong first quarter for Am Law 100, Second Hundred and midsize law firms. That’s the key takeaway from the latest report from the Thomson Reuters Institute about the industry’s financial performance.  

Here’s how my colleague Andrew Maloney summed up TR’s latest findings:

Litigation practices remain a “bright light” for law firms now, while billing rate increases in the first quarter are continuing to drive Big Law financial gains, according to a new report.

The Law Firm Financial Index report from Thomson Reuters found that worked billing rate growth, much like the standard rate increases tallied by other organizations, continues to reach new heights as it drives revenue and profit gains in 2024.

…

 Worked billing rates, or those rates that are agreed on by firms and clients, in particular were up 6.4%, the highest quarter-over-quarter increase since at least the Great Recession, said Bill Josten, strategic content manager for Thomson Reuters.