Pennsylvania law firms held their own amid the national landscape when it came to their financial showing in 2012. And that meant a higher-than-expected rise in revenue and profits along with a growing spread between the strongest and weakest firms, according to a flash survey done by Wells Fargo’s Legal Specialty Group.
Nationally, gross revenue rose 5 percent on average in 2012, while net income rose 6 percent and profits per equity partner (PPP) increased 5 percent. These results, collected from more than 100 firms, were a surprise to the people at Wells Fargo who saw a much weaker showing from firms when it conducted its nine-month survey.
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