Local law firms are outpacing their national counterparts this year when it comes to revenue growth. But there is an overlying concern about a reluctance to cut loose unproductive partners, according to annual survey conducted by Wells Fargo & Co.’s legal specialty group that provides cash management and credit to law firms.
Wells Fargo (NYSE:WFC) said the results focusing on the first nine months of the year were a mixed bag. Mary Ashenbrenner, regional director for the bank’s legal specialty group, said firms are still waiting for an uptick in demand but she does not see it happening for at least the next year.
“There’s an inherent lack of growth in demand,” Ashenbrenner said.
But Philadelphia is doing better than the nation in several key categories. For instance, 82 percent of Philadelphia firms surveyed expect to meet or exceed budgeted revenue for the year while less than 70 percent of national respondents could say the same. Read more about this story on PBJ.com
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