Miller & Martin managing partner Scott Parrish. (Courtesy photo) Midsize Law Firm Budgeting for Revenue Drop in 2023 Amid 'Recessionary Pressures'
Miller & Martin leader Scott Parrish said firm revenue will grow about 1.5% this year, but the firm is budgeting for potential declines in revenue from 7.5% to 12.5% in 2023.
December 13, 2022 at 03:23 PM
4 minute read
Despite seeing top-line growth in 2022, Chattanooga, Tennessee-based law firm Miller & Martin is budgeting for a decline in revenue next year, due to rising interest rates and "recessionary pressures" causing challenges for M&A and real estate practices throughout the legal industry.
Miller & Martin managing partner Scott Parrish said he expects 2023 to see potential declines in revenue from 7.5% to 12.5%. "Those are not exact, but we're going to look at pullbacks in [that] range, or at least we're going to budget with that kind of mindset at this point," he said.
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