Despite ‘Slump,’ Some Regional Law Firms Are Growing—Here’s Why
Timothy Lynch Published in the Legal Intelligencer
Timothy Lynch | Mar 23, 2018
Is the legal industry languishing or booming? It depends on where you look, and whom you ask.
According to the 2017 Report on the State of the Legal Market, released at the beginning of the year by Georgetown Law’s Center for the Study of the Legal Profession and the Thomson Reuters Legal Executive Institute, many U.S. law firms have spent the last decade treading water in terms of profitability. The consensus among firms seems to be that we’re in a market slump, with revenue at a plateau, and client demand and attorney productivity in decline.
Two more reports published in November 2017 by Wells Fargo and Citi Private Bank’s Law Firm Group confirm this pattern—save for one exception: Pennsylvania. In an article for The Legal Intelligencer, Lizzy McLellan writes that “Pennsylvania firms appear to be in better shape than most,” and moreover, that “revenue growth at firms headquartered in Pennsylvania has not been driven by rate increases, but by demand.”
At Offit Kurman, we’ve experienced this phenomenon firsthand. Over the past year, our firm’s offices throughout Pennsylvania have undergone significant growth. We are currently affiliated with 40 attorneys in the state, including seven at our office in the Philadelphia suburbs, which opened its doors just months ago.
While market conditions have certainly facilitated Offit Kurman’s growth in Pennsylvania, location and timing are just a couple factors in our larger strategic initiatives. Indeed, our firm has continued on a path of sustained expansion in every state in which we do business. That’s because, unlike other law firms, we have developed a culture and compensation model that encourages collaboration and rewards practitioners based on their unique strengths. We think of ourselves not only as the perfect legal partner® for our clients, but for our attorneys.
ABOUT OFFIT KURMAN
Offit Kurman is one of the fastest-growing, full-service law firms in the Mid-Atlantic region. With over 150 attorneys offering a comprehensive range of services in virtually every legal category, the firm is well positioned to meet the needs of dynamic businesses and the people who own and operate them. Our eleven offices serve individual and corporate clients in the Virginia, Washington, DC, Maryland, Delaware, Pennsylvania, New Jersey, and New York City regions. At Offit Kurman, we are our clients’ most trusted legal advisors, professionals who help maximize and protect business value and personal wealth. In every interaction, we consistently maintain our clients’ confidence by remaining focused on furthering their objectives and achieving their goals in an efficient manner. Trust, knowledge, confidence—in a partner, that’s perfect.
You can connect with Offit Kurman via our Blog, Facebook, Twitter, Google+, YouTube, and LinkedIn pages. You can also sign up to receive Law Matters, Offit Kurman’s monthly newsletter covering a diverse selection of legal and corporate thought leadership content.
MARYLAND | PENNSYLVANIA | VIRGINIA| NEW JERSEY | NEW YORK | DELAWARE | WASHINGTON, DC