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.
