After seeing record revenue growth for some time, Florida-based firms saw more average revenue growth at the end of 2023 as a dimming real estate market helped drag those figures down.
Florida’s 5.9% revenue growth came just below the 6% national average in the fourth quarter of last year as other markets such as Washington, D.C., New York and California outpaced the national average, according to a quarterly survey conducted by the Wells Fargo Legal Specialty Group. The 10 Florida-based law firms that participated in the survey kept reporting growth in head count and expenses while billing rate increases came in flatter than the national average.
