Question: For the year ending 2022, your practice generated approximately $58 million in annual revenues at an average 60% utilization rate. You are planning for 2023

For the year ending 2022, your practice generated approximately $58 million in annual revenues at an average 60% utilization rate. You are planning for 2023 and, due to current world conditions, are not forecasting any growth in revenues. Nonetheless, the firm wants greater profits. Based on the 2022 annual revenues and the projectd 2023 data provided below, how many professionals can the firm support in 2023?

Projected 2023 Revenues: $58 million (USD)

Projected 2023 Average Utilization: 75%

Projected 2023 Average Hourly Rate: $275

	A.	Based on the above, the firm can support 169 professional staff members.
	B.	Based on the above, the firm can support 115 professional staff members.
	C.	Based on the above, the firm can support 135 professional staff members.
	D.	Based on the above, the firm can support 185 professional staff members.

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