News From Law.com
The law firm industry returned to profit growth by the end of 2023, with average revenues increasing 6.1% over 2022, outpacing expense growth of 5.6%, leading to per equity partner (PEP) growth of 6.6%, according to researchers at Citi's Global Wealth at Work Law Firm Group. That's good news, especially when compared to the 5.7% PEP decline in 2022. "The industry saw a positive end in 2023," said Gretta Rusanow, managing director and head of law firm advisory services in Citi's global wealth at work law firm group. "The positives are that the industry shows a return to profit growth and moderation in those demand declines we've been reporting throughout the year."
Legal Services
February 09, 2024, 3:03 PM