In many respects, Pennsylvania law firms had a stronger first half of the year financially than their national counterparts, but they may be a little more optimistic than warranted when it comes to how the rest of the year will play out, according to results from Wells Fargo Legal Specialty Group's midyear survey.
Mary Ashenbrenner of Wells Fargo in Philadelphia said firms' revenue outpaced expectations in the fourth quarter of 2012. Many firms across the country failed to realize, however, those favorable results were more of a timing issue resulting from an acceleration in activity and collections in the quarter as clients took advantage of more favorable tax rates, she said.
