Credit: Katherine Welles/Shutterstock.comPa. Firms Set to Finish Year Strong, Thanks to Demand Uptick, Shorter Collections Cycle
Firms based in the commonwealth are finally seeing demand increase after a downturn in 2023.
November 18, 2024 at 04:06 PM
4 minute read
What You Need to Know
- Pennsylvania firms reported increased revenue and a shorter collections cycle in the latest Citi Group Q3 financial survey.
- Firms additionally reported an increase in demand after a year-long downturn in 2023.
- Expense growth for the 10 firms in the sample also moderated.
Pennsylvania law firms have boosted revenue by 7.9% through the third quarter of 2024, the culmination of a marginal increase in demand and a 2.2% hike in attorney productivity.
Combine that with a shrinking collections cycle and moderating expense growth, said Citi Global Wealth at Work Law Firm Group senior specialist Gloria Gomez, and firms in the state are in a prime position finish out the year strong.
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