Owen Burman noted that this year's performance, primarily driven by transactional practices, is broadening out to the middle market, benefiting firms across all size tiers.
Revenue growth is unprecedented with firms reporting a 12.8% increase for the first nine months of 2024, contrasting significantly with last year's figures.
Firms have raised billable rates significantly, averaging a 9% year-over-year increase, which is the primary driver contributing to impressive revenue numbers.
Profits per equity partner surged by 21.5% across the industry, with expectations for mid- to high-teens growth rates by the end of 2024.
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