Firm leaders across the Am Law 200 and among large regional firms are walking away from 2022 feeling better than expected, according to the results of a year-end survey released by the Wells Fargo Legal Specialty Group on Tuesday.
Revenues grew 3% last year, according to the group’s 2022 year-end survey of more than 140 law firms. Expenses rose 7.9%, down from 14.5% expense growth through the first six months of the year. As a result, net income was down 3.1%, with profits per equity partner falling 3.9% (acknowledging a 0.9% increase in equity partners).
