Law firms kicked off 2024 with strong demand and profits, report finds | Reuters

Law firms are off to a strong start in 2024 after a lackluster 2023 that saw weak client demand and declining collections on billed work, new financial data shows.

Demand for legal services was up 1.9% in the first quarter of the year over the first three months of 2023, according to Thomson Reuters Institute’s Law Firm Financial Index, which tracks key financial metrics across 186 large and midsize law firms.

Billing rates, which were a consistent bright spot for firms in 2023, continued to rise with a 6.6% increase in the first quarter compared with a year ago, according to the index, released Monday.

Source: Law firms kicked off 2024 with strong demand and profits, report finds | Reuters