D.C. law firms could see better 2022 after revenue lagged last year - Reuters

U.S. one dollar banknotes are seen in this illustration taken February 8, 2021. REUTERS/Dado Ruvic

(Reuters) - D.C. law firms trailed behind other regions in revenue growth last year, but a projected increase in client demand could help boost their fortunes for 2022, according to a new survey.

Revenue for Washington, D.C.-headquartered firms grew by 8% in 2021, compared to an average 14% growth for U.S. law firms overall last year, a survey released this week by Wells Fargo Private Bank Legal Specialty Group found.

The survey drew data from more than 130 law firms, including 13 D.C.-based firms.

Owen Burman of the Wells Fargo specialty group said D.C. firms tend to focus less on corporate work than firms in other regions.

This may have worked to their disadvantage in 2021 when "capital markets, private equity, tech and life sciences" drove the legal market heavily, Burman said.

Last year, D.C. law firms saw client demand grow just 2%, well below the national average of nearly 6.5%. But in 2022, Burman said these firms anticipate demand will go up by 3.8%, higher than the national average expectation of 3.4%.

D.C. law firms tend to invest in practices that do government related work, such as regulatory counseling and litigation.

As the Biden administration slowly ramps up its regulatory agendas this year, Burman said Washington firms are forecasting growth that's "in line with or better than" the national average.

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source: https://www.reuters.com/legal/legalindustry/dc-law-firms-could-see-better-2022-after-revenue-lagged-last-year-2022-02-02/

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