As Wall Street Firms Soar, Do Pa. Firms Care?
Pennsylvania firms lagged behind the soaring heights New York City firms reached financially in 2016, but for leaders of those Keystone State firms, that's OK.
April 17, 2017 at 10:36 AM
11 minute read
At the largest Pennsylvania-based law firms and the top tier of New York firms, 2016 financial results painted two very different pictures. And as the divide between the markets grows, some Pennsylvania firm leaders are becoming less concerned with trends at the top tier in mapping their own routes.
The majority of the top Wall Street firms experienced significant growth last year, and several reported double-digit growth in profits or revenue. But Pennsylvania firms generally saw more tempered results, as they felt the effects of soft demand and disruption in the legal industry.
That gap changes “like an accordion,” widening when the market is strong for high-end work, said Eric Seeger, a principal at Altman Weil.
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