Practicing law has become more expensive for Philadelphia firms since the beginning of the year, according to Wells Fargo’s latest report on the health of the legal industry.
The bank’s survey, which looked at over 130 firms across the nation over the first six months of 2023, showed that Philadelphia-based firms were generally on par with the rest of the market when it came to trends such as large rate hikes and dips in productivity and profits. The exception was general expenses, which skyrocketed by 19.2% in the area compared to the an 11.7% increase nationwide.
