Wells Fargo: Large Firms Post 12.4% Revenue Growth in H1 2026

Large U.S. law firms averaged 12.4% revenue growth in the first half of 2026, up from 11.2% in the same period last year, according to Wells Fargo's Legal Specialty Group survey of more than 140 firms including 69 of the Am Law 100. Demand growth reached 4.8% — described by senior consultant Owen Burman as "near the highest the group has seen" — driven in part by work related to AI infrastructure, data center financing, and capital raises. The collection story is more cautionary: unbilled inventories rose 17.7%, collection cycles slowed 5%, and realized rate growth fell to 7.3% from 9% in H1 2025, indicating that clients are scrutinizing and contesting bills at a greater rate than in prior years. Burman's read on the year is simple: "Collections in the second half will determine whether this is a good year or great year."