Wells Fargo drew from eight Philadelphia firms, while Citi looked at 11 across the state. Credit: andreykr/Adobe Stock Revenue Growth Slows, Expenses Pile Up at Pennsylvania's Top Firms
Data from the first half of 2022 from both Wells Fargo and Citi Private Bank shows that costs are growing more slowly in the commonwealth than other regions, but profits are still being pinched.
August 18, 2022 at 05:21 PM
6 minute read
Industry analysts are forecasting a modest year of financial gains for law firms headquartered in Pennsylvania, if any growth at all, as an uncertain transactional environment and the return of pre-pandemic expenses conspire to minimize the gains that made 2021 such a boom for corporate practices.
"The messaging by firms to their partners is that it will be one of the best years ever but it could be a down year," said Owen Burman, segment manager for the Wells Fargo Private Bank Legal Specialty Group. "But it's not anything they don't already know."
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