Many New York midsize and regional firms, like their peers across the country, saw strong demand and profit increases in 2021, and they are bullish on head count growth this year. Still, leaders of these firms are grappling with challenges in recruiting and retaining top talent, as well as office return delays that may hinder training goals.
Looking at a sample of midsize firms, a study this month tallied a 22.4% average increase in profits per equity partner last year. Another report, the 2022 Citi Hildebrandt Client Advisory, also found firms outside the Am Law 200 saw the strongest revenue growth—16.6%—across all segments.
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