In a year when the average U.S. law firm was pleasantly surprised by strong revenue growth and remarkable profitability, a recent survey of 2020 financial results shows sluggish revenue growth in the Pennsylvania legal industry, but strong profits that were largely driven by the expense reduction that came with a shift to virtual operations.
Revenue was up just 1.1% on average at Pennsylvania-based law firms, according to a survey by Citi Private Bank’s law firm advisory group. That lags behind the national revenue growth of 6.3%. Out of the 11 regions Citi surveys, Pennsylvania came in 10th for revenue growth, ahead of only Texas, which saw revenue decline.
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