Wells Fargo Survey of Law Firms Shows Net Income Up by 6 Percent in 2012
A survey by the Wells Fargo Private Bank Legal Specialty Group shows that law firms had an impressive year in terms of revenue in 2012 despite all the talk of layoffs and delayed bonuses.
Wells Fargo, one of the biggest lenders to law firms, surveyed over 200 law firms across the United States. The firms ranged from BigLaw firms, midsized firms to boutique firms. The preliminary data from the survey shows that gross revenues increased by 5 percent and net income by 6 percent in American law firms. But Florida, southern California and the Southeast were regions where law firms saw revenue growth between 8 to 11 percent.
The firms who responded to the survey also said that they were expecting a four percent revenue increase for 2013. The final survey results will be available by late March 2013.