February 16, 2022
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Phila - Law.com

James A. Byrne U.S. Courthouse, which houses the U.S. Court of Appeals for the Third Circuit, and the U.S. District Court for the Eastern District of Pennsylvania, in downtown Philadelphia, on April 3, 2021. Photo: Diego M. Radzinschi/ALM

What You Need to Know

  • Philadelphia’s legal industry is projecting a 1.8% demand increase over 2021 and 4% revenue growth, according to a recent survey.
  • Firms are budgeting more conservatively this year as inflation drives up costs of travel, in-person gatherings and liability insurance.
  • This year is ripe for an active merger market in law, as cracks in firms' business models manifested over the last two years.

Legal industry leaders in the Philadelphia region are forecasting comparatively modest growth in revenue and profits in 2022, following record levels in 2021, as inflationary pressures threaten to drive up returning costs for travel and in-person events.

As courts return to a normal schedule and deal work continues to be fueled by abundant financing options, law firms are expecting 2021 levels of demand to continue well into the current year, with new matters piling onto existing ones.

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source: https://www.law.com/thelegalintelligencer/2022/02/16/phila-law-firms-remain-bullish-despite-headwinds/

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