Demand for legal services has remained tight in the past few years and consultants predicted law firms would see an average of less than 5 percent growth in revenue for 2015. But many firms have far outpaced that figure, including a number of Pennsylvania firms that had record years last year.
All of the numbers are still trickling in, but for those firms whose 2015 financial results have been reported, the bulk have shown gross revenue increases of near or above 5 percent. And the partner profit figures aren’t too shabby either. The interesting factor to consider in conjunction with that growth is that it was often done without increasing head count. That meant increases in rates and productivity—and in some cases contingency fees—drove a lot of that growth.
