In 2025, the legal industry experienced a remarkable surge in both revenue and profits, leading experts to anticipate continued growth in 2026, provided economic conditions remain stable. Owen Burman, a senior consultant with Wells Fargo’s Legal Specialty Group, shared insights with the American Lawyer, highlighting the significant financial achievements of the past year. According to Burman, revenue across the industry rose by 12.6%, while profit per equity partner increased by 14.8%. Notably, the top 50 firms in the Am Law rankings saw even more substantial gains.

Burman reflected on the year’s performance, stating, "We were kind of toying with wording at the nine-month mark, saying depending on how collections are, if you think it would be a good year or a great year, and I think it came out to be a very good year for the industry." His optimism is not unfounded, as the numbers clearly demonstrate a robust year for Biglaw.

Looking to the future, the potential for continued success in 2026 hinges on several factors, including economic stability and policy changes. "Depending on how the policy changes play out, if the economy holds up, everything’s in place for continuation as we speak," Burman explained. This cautious optimism suggests that while the industry is currently on a high, its future still depends on broader economic conditions.

The legal sector's performance in 2025 serves as a testament to its resilience and the ability to adapt to changing market dynamics. As firms continue to navigate through varying economic landscapes, the focus remains on maintaining the growth trajectory established in the previous year. If the economy supports, 2026 could indeed mirror or even surpass the prosperity witnessed in 2025, marking another 'very good year' for Biglaw.