Benjamin Franklin bridge in Philadelphia. Credit: mandritoiu/Shutterstock.com For Troutman Pepper and Ballard Spahr, the Path to Growth Points Outside of Phila.
Rising costs and a lukewarm local economy continue to push firms with roots in the City of Brotherly Love to seek growth elsewhere, but some firm leaders remain bullish on their home city.
September 13, 2024 at 03:25 PM
7 minute read
The original version of this story was published on The Legal Intelligencer
What You Need to Know
- With the announcement of two mergers over the past week, Troutman Pepper Hamilton & Sanders and Ballard Spahr are growing outside of Philadelphia.
- Data gathered by Compass shows that several other Philadelphia-founded firms aren't growing their presences in the city, with consultants and leaders suggesting that Philadelphia is less friendly to businesses.
- Yet Philadelphia remains an appealing market, given its lower operating and real estate costs.
After inking merger deals earlier this month, Troutman Pepper Hamilton & Sanders and Ballard Spahr are both expanding beyond their Philadelphia roots into Texas and the Pacific Northwest.
Troutman Pepper and Locke Lord held their partnership vote regarding their long-awaited merger, which passed with flying colors on Sept. 5, and Ballard Spahr announced its own unanimous partnership vote to combine with Pacific Northwest firm Lane Powell on Sept. 9.
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