Best Law Firms® Survey Reveals Current State of the Legal Industry

Data highlights growth strategies, billing trends and diversity benchmarks for firms aiming to
increase their market competitiveness

AUGUSTA, Ga.  , Nov. 7, 2024 /PRNewswire/ -- Best Law Firms®, the gold standard in legal industry recognition, today launches its 15^th edition of Best Law Firms rankings, celebrating leading law firms across the United States. The 2025 edition recognizes an elite group of firms achieving top-tier results at regional and national levels. This year's release also introduces new insights into industry trends and evolving challenges for the first time, drawn from Best Law Firms Legal Market Report with expanded survey data on firm performance, diversity and innovative legal practices.

The law firm survey reveals several key trends. Smaller firms outside the AmLaw 200 saw a 5.1% revenue increase, with firms under 150 lawyers experiencing 14% median growth, while midsize firms faced a 3% revenue per lawyer decline. Diversity remains a challenge, with 90% of partners across all firm sizes identifying as white, while women make up one-third of partners despite comprising 51% of associates. Alternative billing models are rising in popularity, with 73% of firms now offering flat fees as the leading choice, especially at larger firms. Generative AI adoption is cautiously optimistic, especially among marketing teams aiming for efficiency gains. Marketing strategies remain challenging, with only one-third of firms having formal plans; larger firms also significantly outspend smaller ones.

"Our 15th edition of Best Law Firms marks a significant milestone for the legal industry, providing both recognition for outstanding firms and valuable insights on industry trends," said Philip Greer, CEO of Best Lawyers. "For the first time, we are showcasing how firms of all sizes navigate diversity, revenue, and innovation challenges. We are proud to offer a resource that empowers firms to foster a progressive and inclusive legal industry."

The 2025 edition of Best Law Firms highlights a distinguished group of firms recognized for their achievements and dedication to excellence. In the regional rankings, 17,161 firms across 127 practice areas were ranked, representing the top 2% of the industry. Nationally, 2,264 firms were ranked across 75 practice areas. Additionally, 64 firms—representing 0.01% of firms across the U.S.—were honored with the distinguished "Law Firm of the Year" title across 74 practice areas.

Best Law Firms exemplifies the dedication and skill of the country's top legal professionals, using a time-honored research process to identify firms that have achieved excellence in their practice areas while addressing industry challenges with innovative solutions. Firms are eligible for the Best Law Firms recognition by having at least one lawyer in the current edition of Best Lawyers in a relevant practice area and geographic location.

For more information on the 2025 Best Law Firms rankings and the full report with deeper insights into the state of the legal industry, visit www.bestlawfirms.com. Clients can search by practice area, location and tier, ensuring a seamless process for finding the ideal legal partner.

About Best Lawyers®

Best Lawyers® is the oldest and most respected peer-review research and marketing company in the legal profession. It recognizes top legal talent through confidential evaluations by leading lawyers within their local market and specialty. Lawyers cannot pay to be listed; ensuring recognition is a true honor. Best Lawyers ranks law firms globally through its companion publication, Best Law Firms®, identifying the top firms across various practice areas based on feedback from clients and legal professionals. For more information, visit www.bestlawyers.com and www.bestlawfirms.com.

Contact:

Alliccia Odeyemi
Senior Public Relations Manager
aodeyemi@bestlawyers.com

SOURCE Best Lawyers