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Financial discipline helped the Am Law 50 close out 2023 strong as transactional demand remained slow, according to a new report from Thomson Reuters. Compared to Q4 2022, demand in the Am Law 50 fell nearly 2% last quarter, while demand rose by more than 2% for the Am Law 51-100 and the Second Hundred. Still, the Am Law 50 saw nearly as much of an increase in overall fees worked—nearly 8%—compared to respective increases of roughly 11% and 9% for the Am Law 51-100 and Second Hundred. Thomson Reuters' overall Q4 demand uptick of 1.7% mirrored similar reports in January reflecting on 2023 performance. Wells Fargo's Legal Specialty Group indicated a 0.7% demand increase between Q4 and Q3 for its firm cohort last year, versus a 0.2% increase from Q2 to Q3.
Legal Services - Large Law
February 12, 2024, 4:00 AM