Philadelphia. Credit: annahopfinger/Adobe Stock Lawyer Productivity More Stable in Phila. Due to Less Reliance on Deal Work
Billable hours per lawyer dipped by just 4.4% in a sample of Philadelphia-based firms, compared to 6.1% nationwide and 9% in New York. A Wells Fargo analyst credited the region's diverse practice mix for the relatively strong performance.
February 07, 2023 at 07:10 PM
6 minute read
Philadelphia Eastern PA
Law firms on average hit a 15-year low for lawyer productivity last year. But Philadelphia's Am Law 200 firms saw a steadier ratio of billable hours per lawyer, suggesting locally rooted law firms are less susceptible to overcapacity-caused mass layoffs than counterparts in New York.
While the industry at large sustained a 6.1% average decrease in lawyer productivity, dragged down by heavily lawyered markets like New York that saw a 9% dip, Philadelphia fared relatively well with only a 4.4% mean decline in productivity, according to year-end survey data released by the Wells Fargo Legal Specialty Group.
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