Dips in transactional work translated into a mixed-bag of financial results for Pennsylvania’s Am Law 200 firms in 2022, as they returned to reality after 2021’s glut of hiring, transactional work, and revenue increases.
For those handful of local firms who managed to remain steady or find incremental growth during the year, balance in practice area offerings and headcount proved crucial to stabilizing end of year financial results. For those unable to find a balance, however, 2022 marked the beginnings of a turbulent transactional market, with 2023 sowing seeds for further disruption, given return to office struggles and rising interest rates.
