For Phila. Legal Market in 2024, Expect Stability, Transactional Rebound [The Legal Intelligencer Quotes Gina Rubel]
Transactional work is predicted to have a rebound in Philadelphia in 2024, keeping the legal market afloat. Paired with the continued demand for life sciences work, this resurgence is anticipated to maintain stability in the region’s legal sphere. Weighing in on this trend, Furia Rubel CEO & General Counsel Gina Rubel says she has noticed an uptick in transactional work among clients.
“I see, nationally, that our Am Law clients who handle transactional work are extremely busy,” she says. “I would predict it would at least stay the same, if not continue to grow.”
Mergers and acquisitions work, though slow recently, is expected to increase over the next year, and legal professionals are optimistic about an increase in stability in the real estate market. Law firms are keeping costs down by reducing their real estate footprint, moving into office spaces with less square footage in a post-pandemic environment with lower city occupancy.
Firms are also shifting their focus to the life sciences and biotech market to take advantage of increased demand in this space. While heightened demand can sometimes lead to over-hiring, industry insiders predict that firms will learn their lesson from the transactional boom of 2021 and 2022 and make wise choices about increasing their head count.
The article also quotes such legal industry experts as Major, Lindsey & Africa consultant Darin Morgan and executive coach Laura Terrell.
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