2022 Bright Insight

UNPRECEDENTED GROWTH DESPITE UNPRECEDENTED CHANGE

How much did your firm’s gross revenue change year-over-year in 2021?

Despite, or maybe even because of the pandemic-related disruptions to law firm operations and to the industry itself, the legal sector had a record year of financial performance in 2021. Revenue was up year-over- year according to 96% of survey respondents, and more than a quarter of firms indicate revenue was up at least 20%. Larger firms fared even better as 36% of Am Law and Global 100 firms indicating 2021 revenue grew by 20% or more year-over-year.

No Change 3%

Down 3%

14% increased 31% or more 12% increased 21% to 30% 32% increased 11% to 20%

31%+ 14%

1-10% 36%

21-30% 12%

11-20% 32%

What is your firm’s year-over-year projected revenue growth in 2022?

95% expect an increase 38% expect at least double-digit increases

It should be noted that since the survey was conducted, 2022 is showing signs of greater uncertainty and headwinds from a macro perspective—inflation concerns, supply chain issues, geopolitical events and interest rate hikes. That said, at the time of the survey, confidence in revenue remained high for 2022. The overwhelming majority of the respondents to this year’s survey, 95%, noted that their firm expects increases in revenue again this year, and nearly 40% forecast double- digit revenue growth. Further, more than a quarter of Am Law 100 and Global 100 firms expect 2022 revenue growth to exceed 30%, compared to 10% of all other firms.

No Change 4%

Down 1%

31%+ 17%

21-30% 5%

1-10% 57%

11-20% 16%

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Legal Sector Advisory Group | ADVISING FOR EXCELLENCE