Philadelphia’s once resilient midsize market is feeling the pressure.
Over the past few years several of Philadelphia’s stalwart firms—including Drinker Biddle & Reath, Pepper Hamilton and Conrad O’Brien—all chose to merge with firms based outside the state, demonstrating for many that midsize firms in the city must grow to survive. Now, with the news that the 88-year-old Schnader Harrison Segal & Lewis is closing its doors, midsize firm leaders once again find themselves evaluating their best paths forward given the high-pressured marketplace the city now finds itself in.
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