That Factor, Combined With Holding Down Expenses, Led To More Profits Also.
Wells Fargo’s Legal Specialty Group, after surveying more than 130 U.S. big firms inclusive of 70 of the top 100 highest grossing U.S. firms, has reported that for 2023, these firms increased billable hourly rates by 8.3% over 2022 rates. That led to increased profits for these firms in 2023, on average.