Many law firms are seeing a strong financial year in 2024, but there are signs that Am Law 50 law firms, in particular, are leaping ahead, separating even further from the pack in performance and creating a bigger divergence in the market.
The top 50 law firms led the way in demand growth through the first half of the year, and more than doubled the revenue rate growth produced by the Second 50 firms, according to Citi’s Global Wealth at Work Law Firm Group this week. Am Law 50 firms also shortened their collection cycle and increased fee inventory more than the industry-wide average.