The past year was a more difficult one for many Pennsylvania firms. Mid-market dealwork and litigation practices proved to be stabilizing forces for Pennsylvania’s AmLaw 200 firms, who were able to grow their revenues while facing ongoing transactional headwinds and inflated expenses.
But, increased costs became a drag on net income in 2023 as firms invested in technology and infrastructure. Further signaling the impact of increased in costs was a general drop in profit margins, with only three firms increasing their margins and an additional three able to maintain margins from 2022.