Through the first nine months of 2020, average law firm revenue grew 5% over the same period last year, according to the report, released Tuesday and available here. The growth was largely due to an increase in the value of total hours worked and firms collecting on strong midyear inventory levels.
At the same time, total expenses were down 2.1%, driven in large part by a decrease in operating expenses. Law firm retreats were canceled, travel was curtailed, and major capital spending projects were delayed.
“Our overriding take is that the worst-case performance scenarios feared by the industry at the start of the COVID-19 crisis have not come to pass,” the report said.
