Pennsylvania Firms Turn Efficiency Into Profits
All but two of the 13 Am Law 200 firms founded in the Keystone State saw gains in profits per partner last year.
May 22, 2018 at 09:34 AM
4 minute read
In a year of generally positive financial results for Pennsylvania law firms, leadership focused on efficiency, leading to better than average profitability gains for several of them.
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Of the 13 Am Law 200 firms founded in Pennsylvania, all but two posted at least a slight gain in profits per equity partner in 2017, compared to the year before. Seven increased PPP by more than 5 percent—the amount of year-over-year PPP growth across the entire Am Law 200.
(While 15 Pennsylvania firms appear on the Am Law 200, year-to-year comparisons do not include Marshall Dennehey Warner Coleman & Goggin or Eckert Seamans Cherin & Mellott, which were not included in last year's Am Law 200.)
But revenue per lawyer increased by just half a percent on average among firms founded in Pennsylvania, even with double-digit gross revenue gains at Cozen O'Connor and Saul Ewing Arnstein & Lehr. While the majority of firms saw RPL increase year-over-year, three firms saw their RPL dip, including a decline of 15.3 percent at K&L Gates.
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