Pennsylvania law firms outperformed the national averages for revenue and profit growth in the first half of 2016 thanks to strong inventory coming into the year along with improved collection cycles and significant expense management, according to a recent report by Citi Private Bank’s Law Firm Group.
But the survey, which compared the first half of 2016 to the first half of 2015, showed an overall slowdown in the second quarter as compared to the first quarter of this year. When taken together with uncertainty over the presidential election, the fallout from Brexit, a slowdown in China’s economy and open questions about how the Federal Reserve will handle interest rates, Law Firm Group chairman Dan DiPietro said he still predicted a modest increase of low-single-digit profit growth for all of 2016. And add to that the salary increases many firms will start to feel in the second half of this year, DiPietro noted.
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