3 Pa. Managing Partners On Their Predictions For 2023
January 4, 2023
Law360
Types : In the News
Relying on predictions of a possible recession in 2023, law firm managing partners in Pennsylvania have started shifting priorities in staffing and their practice focus as they prepare for a potential dip in the economy.
As a firm primarily focused on litigation, Montgomery McCracken Walker & Rhoads LLP is positioned to keep its 2022 momentum going strong well into the new year, managing partner Steve Pachman said.
“We are having one of our best years in recent memory,” Pachman said. “We are very optimistic heading into 2023 despite the widespread macroeconomic pessimism. We represent clients in nationally and globally growing sectors, including health care, pharmaceuticals, energy and tech, and for each such sector, litigation has been at an all-time high for demand. Firms should anticipate reduced revenue from transaction deals, but we plan to balance any losses with increased bankruptcy and restructuring work.”
“The word of 2023 is going to be ‘flexibility.”
Steve Pachman
Pachman told Law360 Pulse that the firm will continue to prioritize diversity, equity and inclusion in all of its locations in Philadelphia, New York, New Jersey and Delaware, which he said was something that had already contributed to the firm’s ability to retain talent.