Law Firms See Surge in Demand, Boosting Profits
Update: 2025-11-10
Description
Large and mid-sized law firms in the U.S. experienced a significant surge in client demand during Q3 2022, setting them up for a profitable 2025. Overall demand increased by nearly 4%, with transactional practices, particularly mergers and acquisitions, driving growth. Mid-sized firms saw a 6% rise in transactional demand. Litigation and labor & employment practices also saw healthy increases. However, bankruptcy demand slightly decreased. Corporate clients are shifting work to less expensive firms, benefiting mid-sized firms. Billing rates also rose by over 7%. Despite these positive signs, firms are cautious about potential risks due to high overhead expenses and global economic instability.
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