Credit: Rudzhan/Adobe Stock Shifting Practice Mix Could Curtail Growth at California Law Firms
California firms projected demand growth of 3.5% and revenue growth of 5% for fiscal 2023, but the forecast for top-line growth was somewhat "muted" given the "very healthy" demand expectations, said Wells Fargo Legal Specialty Group managing director Owen Burman.
February 03, 2023 at 05:20 PM
3 minute read
California firms bared more of the brunt of the economic slowdown in 2022, in a reversal of the outsized gains in revenue and profits witnessed in the prior year. And they continue to face headwinds in 2023, including a shift to lower-rate practices, excess capacity and tech layoffs.
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