The legal industry will see on average a slight increase in gross revenue, net income and profits per equity partner in 2011, while the Philadelphia market could face a slight increase in gross revenue and flat to modest bumps in net income and PPP, according to a preliminary survey of the marketplace by Wells Fargo’s Legal Specialty Group.
Jeffrey Grossman, national managing director of the Legal Specialty Group, said a review of firms’ financials for the first six months of 2011 compared to the same time frame last year showed Philadelphia firms were on par with the national picture when it comes to increases in gross revenue and hours per attorney, but saw significant drops in profitability metrics while those figures rose nationally.
