Pennsylvania’s legal market, in which Philadelphia-based firms play an outsized role, has largely kept pace with the national trendline of modest revenue growth through the first nine months of 2023, according to two recent surveys from Citi Bank and Wells Fargo, with firms in the region having greater success on collections thus far this year compared to national averages.
Citi’s Global Wealth at Work Law Firm Group surveyed 11 Pennsylvania-headquartered firms and found 3.9% revenue growth in the region through the third quarter, compared to 4.8% revenue growth nationwide. Wells Fargo, meanwhile, surveyed six firms headquartered in Philadelphia and found their 4.5% revenue growth was almost identical to the 4.6% nationwide figure.
