What Early 2024 Financials Say About the State of the Market
At Macrae, we’re often asked, “What’s the market like right now?” - and that question is especially relevant as firms begin to pre-release 2024 financial results ahead of The American Lawyer’s AmLaw100 rankings, expected in mid-to-late April.
To help answer it, we’ve reviewed early-released financials from firms in the AmLaw50 - or those likely to be in this year’s top 50.
The numbers are striking. By nearly every measure, the first wave of 2024 financials suggests performance levels rivaling, if not exceeding, the standout year of 2021. Yet, while 2021’s surge was fueled by unique pandemic-era dynamics, this year’s growth appears to be driven by fundamentals rather than external factors.
A notable trend: of the 31 firms in or near AmLaw50 status that have reported early, none have shown a decline in revenue, revenue per lawyer (RPL), or profits per equity partner (PEP). By contrast, last year’s full AmLaw100 list included:
10 firms with revenue declines,
23 with neutral or declining RPL, and
20 with declines in PEP.
Most AmLaw60 firms reported 10%+ revenue growth in 2024; none declined.
While some firms may be holding off on releasing results due to less favorable outcomes, the strong showing from more than half of this cohort points to widespread, near-record growth across the board.
This analysis is based on data from Macrae+, our proprietary dataset that blends public financials with insights drawn from decades of partner recruiting experience across leading firms in the U.S. and U.K.
Below, you’ll find a chart illustrating that PEP growth far outpaced RPL growth - with no declines reported - and a breakdown of the top three AmLaw60 firms by revenue growth, RPL growth, and PEP growth.
PEP growth far outpaced RPL growth in 2024 among AmLaw 60; none declined.
Top Firms Reporting Early Results
If you're curious how your firm’s results compare to peers - or if you'd like to explore what this strong financial performance could mean for lateral hiring, team growth, or market positioning - we’d be happy to set up a time to talk. And of course, if you’re simply looking for a broader read on the market, we’re always open to that conversation as well.