Atlanta law firms, on average, saw slower revenue and demand growth in 2023 than the prior year, but they managed to grow profits faster, partly due to changes in leverage, according to bank survey data.
According to data from Wells Fargo Private Bank Legal Specialty Group, Atlanta-based firms grew revenue on average by 4.4% last year. That was slower than any of the other seven major markets that the bank tracked last year and slower than Atlanta law firms’ performance in 2022, when these firms grew revenue by 6.8%. Wells Fargo’s Atlanta snapshot is based on results from six firms headquartered in the city.
