H1 2026 Survey: Revenue Up 12.4%, Demand Hits Near-Record Levels

The Wells Fargo H1 2026 survey of more than 140 Am Law 200 firms — published August 25 — reported revenue growth of 12.4%, surpassing the 11.2% pace of H1 2025. The Am Law 50 led at 13.6%, followed by the Second Fifty at 10.6% and the Second Hundred at 9.4%. Demand, measured in logged hours, grew 4.8% — described by Wells Fargo's Owen Burman as "near the highest the group has seen." Net income rose 17.5% against 14.3% in the prior-year period, and productivity per lawyer reversed a -1.4% decline from H1 2025 to post a +1.8% gain. The headline numbers are exceptional, but inventories (WIP) grew 17.7% and collection cycles slowed 5%, signaling that converting earned revenue to cash is increasingly difficult even as billings climb.