A significant shortening of Pennsylvania firms’ collection cycles last quarter meant a big boost in revenue for the start of the year, but flat demand and below-average inventory could mean less impressive showings throughout the rest of the year, a Citi Private Bank Law Firm Group survey shows.
According to Citi’s look at how the first quarter of 2016 compared with the first quarter of 2015, the 10 Pennsylvania firms participating had an average revenue increase of 10.7 percent. That was well above the industry average of 5.8 percent and good for second best among the 11 regions surveyed, trailing only the Northeast, where firms saw revenue grow 11 percent.
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