Legal industry makes an economic impact on Philadelphia

Published By : 21 Nov 2013 | Published By : QYRESEARCH

Several leaders belonging to the law firms have long disputed about the fact that the legal industry has an unsung economic impact on Philadelphia. However, now they have good proof and back up data to claim that fact. 

According to a report commissioned by the Philadelphia Bar Association, the document concludes everything related to the legal services industry spanning from e-discovery consultants, law firms, court reporters and more. About $5 billion worth of money is contributed annually to the town’s economy. In addition, the legal services industry is responsible for more than 31,400 jobs, with total tax revenues of $160 million to the city, says Center City economic and policy consulting firm Econsult Solutions Inc. 

Kathleen Wilkinson – the chancellor of the Philadelphia Bar Association says that this is the first-of-its-kind report to emphasize the overall economic impact of this industry on different sectors of the society and region. All the people living in Philadelphia are working hard and contributing significantly towards the welfare of this cause. Kathleen wants the study plan of the bar association to create a greater impact and impress the city leaders that the legal services industry is central to the regional economy. Moreover, she also does not want the city taxes affecting the law firms to cause a negative impact on the firms that are willing to relocate or expand in Philadelphia. 

Econsult says, the report is equally divided into four sectors, and the legal industry employs 17,300 people, including administrative staff, lawyers, paralegals, and the people who are directly employed by the law firms. One of the categories include consultants, legal-industry recruiters, and others working for the law firms, whereas, the three other categories are all about governmental law jobs, law schools, and in-house counsel at specific private companies. This fills up a total of 4,150 positions. 

The legal service industry additionally also fills up employment of 10,000 additional jobs in leasing, and other sectors like food services, finance, insurance, education, real estate functions, and several other categories. 

Stephen Mullin – president of the Econsult said, of the city’s employment base of 700,000 jobs, Philadelphia accounted about five percent of the total employment in the legal industry. He also added that despite of direct legal-industry employment, since 2001, certain jobs with related employers and law firms have slightly declined in Philadelphia. Earlier the industry accounted about 20,000 jobs, now the number is 17,300. And regarding the direct legal employment the number has slightly increased to 45,000 with a gain of more than 1,000.  

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