Credit: Feodora/Adobe Stock Compensation, Operating Costs Increasing Expenses for Philadelphia Firms
New data from Citi Private Bank Law Firm Group shows that Philadelphia had the third highest expense growth of any of the country's regions through the first half of 2023.
August 25, 2023 at 05:50 PM
4 minute read
Rising compensation for both lawyers and professional staffers continues to inflate law firms' expense totals and put pressure on their bottom lines, according to experts evaluating fresh data on the legal industry provided by two major lenders.
Firms across the nation saw total expenses increase by 6.2% over the last six months, with Philadelphia firms seeing above-average increases. The eight firms in the region surveyed by Wells Fargo saw an 8.2% increase in total expenses as well as a 19.2% increase in general expenses, compared to a national average of 11.7%.
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