A recent report has found that Philadelphia law firms are the biggest spenders in the United States. Unfortunately, some law firms are spending more money than they are bringing in. That is a troublesome ratio. Law firm expenses are going to need a makeover to improve the odds.
We are seeing higher expenses this quarter according to a report by Citi Private Bank. The study looks at 166 law firms across the nation, and compared how much law firms are spending. In Philly, law firms are spending twice the national average and revenues are not increasing as much. The national average increase in revenue is only increasing at 0.2 percent.
Regardless where your firm is located, have you considered if your firm might be spending itself out of existence?