Law firms have seen a significant uptick in revenue in the first half of 2024, with a reported 11.4% increase, according to the Wells Fargo Legal Specialty Group’s 2024 midyear survey. This surge has been largely attributed to rate growth, with an average increase of 8.8% in standard rates year-over-year.
These gains come amidst a backdrop of a growing law school applicant pool, which rose by 5.7% from 2023 to 2024, marking it as the second-largest applicant pool in the past five years. As reported by Reuters, a total of 64,912 aspiring lawyers applied for a spot at law schools this fall.
In related developments, several high-profile lateral moves have been reported. Notably, Joe Zujkowski joined Latham & Watkins as a partner from Gibson Dunn, and Nickolas Bogdanovich was recruited by Paul Weiss from Cleary Gottlieb Steen & Hamilton. The momentum in lateral hiring continues with the additions of Deidre Kalenderian to Paul Hastings, and Banee Pachuca to Winston & Strawn, among others.