Talent Wars Left Florida Law Firms Bloated, According to Data. What's Next?
"What I am seeing is a lot of demand from small to midsize firms trying to make up for being pillaged," Boca Raton-based Doug Horn, managing director at Palmer Kent Associates, said.
September 07, 2023 at 05:56 PM
3 minute read
Since legal industry activity in Florida ramped up into a frenzy over the past few years, law firms have been scrambling for talent, with many boasting lofty paychecks to attract that talent. Fresh data now suggests that firms are reckoning with the expenses incurred from the hiring.
While Florida-based law firms grew revenue over the first half of 2023, expenses rose astronomically along with it, according to the midyear survey conducted by the Wells Fargo Legal Specialty Group. The survey showed that total expenses grew by 15%, nearly double the national average. The difference was even more pronounced in compensation expenses, hitting 15.3% growth, more than double the national average.
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