Financial performance in 2015 coupled with indicators for 2016 show law firms will most likely have to add new attorneys to bolster revenue while cutting staff and other lawyers to protect profits, according to a Wells Fargo Legal Specialty Group year-end survey.
Giving a concise synopsis of 2015′s financial results was more difficult than in any year prior, said Wells Fargo’s senior director of banking, Jeff Grossman, because firms were all over the map when it came to metrics such as revenue, profits and demand growth or decline. For Pennsylvania firms, financial performance was toward the bottom of the list, but they didn’t have the extreme highs or lows that drove other regions in any one direction, Grossman said.
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