Philadelphia, PA. Credit: annahopfinger/Adobe Stock Aggressive Rate Hikes, Strong 4th Quarter Collections Drive 2023 Revenue Growth for Phila. Firms
The six Philadelphia-based firms surveyed by Wells Fargo together increased revenues by 4.7%, compared to a nationwide average of 6.0%.
January 31, 2024 at 03:30 PM
4 minute read
Law Firm Profitability
What You Need to Know
- A strong collections season and aggressive rate hikes translated into increased revenues for Philadelphia firms.
- Firms in the region also controlled overall headcount growth, helping control costs amidst a sluggish demand environment.
- 2024 promises the return of transactional and private equity work, although the first quarter is likely to remain soft locally.
Philadelphia law firms largely fell in line with national market trends according to Wells Fargo's 2023 end of year report, which showed firms across the nation raising rates and enjoying accelerated revenue growth while facing moderately increasing expenses.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
NOT FOR REPRINT
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Related Stories
View AllLaw Firms Mentioned
Trending Stories
- 1The Law Firm Disrupted: For Big Law Names, Shorter is Sweeter
- 2How I Made Office Managing Partner: 'If You Are Aware of Areas for Improvement and You Can Play a Role in That, Speak Up,' Says Jennifer Mellott of Freshfields
- 3'I'm Staying Everything': Texas Bankruptcy Judge Halts Talc Trials Against J&J
- 4What We Know About the Kentucky Judge Killed in His Chambers
- 5Burns & Levinson to Wind Down After 64 Years in Boston
Featured Firms
Law Offices of Gary Martin Hays & Associates, P.C.
(470) 294-1674
Law Offices of Mark E. Salomone
(857) 444-6468
Smith & Hassler
(713) 739-1250
