A recent study of law firm performance by Wells Fargo Bank reveals that Philadelphia firms fared well in the first half of 2013, as they continue to recover from the economic downturn. Yet in spite of the favorable showing, the market for legal services remains tight in Philadelphia.

Ballard Spahr Chair Mark Stewart is forecasting flat growth in revenue for 2013. He underscored the recurrent themes of rate discounting and fierce competition for shrinking business, while also noting that the firm's new office in New York is thriving thanks to its ability to keep rates low compared to other New York firms. "It's going to be a flat year, and I think 3 percent would fall within that range," he said.

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