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2024 Law Firm Financials
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Date: January 30th, 2025 10:49 AM Author: MisterX Firm Revenue RPL PPP Lawyers Steptoe $530m(7.5%) $1.23m(3%) $2.1m(5%) 428(4%) |
Date: January 30th, 2025 10:49 AM Author: MisterX Subject: Steptoe Washington, D.C.-based Steptoe saw gross revenue rise by 7.5% to $530 million last year, while profits per equity partner rose nearly 5% to $2.1 million, both records for the firm, according to preliminary financial reporting by The American Lawyer.
Even with a head count boost, Steptoe's revenue per lawyer grew by about 3% to $1.23 million. In all, the firm's head count rose a little over 4% to 428 lawyers.
https://www.law.com/nationallawjournal/2025/01/29/steptoe-grows-revenue-75-hitting-record-high-530-million/ |
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Date: January 30th, 2025 11:07 AM Author: ~~(> ' ' )> I haven't followed this stuff closely in years, but I would have guessed RPL would be even higher by now. (http://www.autoadmit.com/thread.php?thread_id=5672873&forum_id=2#48605364) |
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Date: January 30th, 2025 11:07 AM Author: COMES NOW me in ur mom ((zurich is stained)) do bakerhostetler pls (http://www.autoadmit.com/thread.php?thread_id=5672873&forum_id=2#48605367) |
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Date: January 30th, 2025 11:21 AM Author: Prolemobiler cant believe they still do this shit. if i were a managing partner on day one i would send an email saying "if you leak our finances you will be immediately fired" to everyone at the firm. (http://www.autoadmit.com/thread.php?thread_id=5672873&forum_id=2#48605415) |
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Date: January 30th, 2025 11:36 AM Author: COMES NOW me in ur mom ((zurich is stained)) these firms release the info willingly. for some reason they think this reflects well on the firm. i can't figure out why. when i was at BH, they were constantly gaming the system to get PPP up. not sure why clients give a single fuck about that, and actually couldn't it work against you? do you really want your clients seeing that each partner is making 2 million or whatever?
only reason i can see for doing this is trying to impress 0Ls, 95% of whom will never be affected by the firm's PPP (but are too delusional to realize this). |
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Date: January 30th, 2025 12:50 PM Author: Bronus Swagner Probably trying to attract lateral partners (http://www.autoadmit.com/thread.php?thread_id=5672873&forum_id=2#48605905) |
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Date: January 30th, 2025 1:43 PM Author: COMES NOW me in ur mom ((zurich is stained)) i dunno if that would be effective. anyone knows these numbers are gamed, and your comp is gonna depend on your book no matter what. (http://www.autoadmit.com/thread.php?thread_id=5672873&forum_id=2#48606260) |
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Date: February 3rd, 2025 12:08 PM Author: ~~(> ' ' )> Anyone know of any federal cases where biglol partnership agreements are part of the public record and accessible on ECF? (http://www.autoadmit.com/thread.php?thread_id=5672873&forum_id=2#48617949) |
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Date: February 3rd, 2025 2:19 PM Author: COMES NOW me in ur mom ((zurich is stained)) no but i can tell you what i remember of my bakerhostetler partnership agreement.
which is that it has a 60-day notice of resignation period. other than that i remember nothing. |
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Date: February 3rd, 2025 5:32 PM Author: ~~(> ' ' )> How was your equity buy-in structured? (http://www.autoadmit.com/thread.php?thread_id=5672873&forum_id=2#48619012) |
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Date: February 3rd, 2025 5:36 PM Author: COMES NOW me in ur mom ((zurich is stained)) $30k, they take out $10k from my yearly payout. i guess if i get moar shares i'll have to contribute moar.
but i may never get there bc i am weighing offers to jump to another firm (as a nonequity and likely for a bit less money, but trust me i have good reasons). |
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Date: February 3rd, 2025 5:39 PM Author: ~~(> ' ' )> Only $30k? Seriously? Interesting.
I've represented parties in cases involving small firms through the lower part of Amlaw 200. I haven't seen anything close to that low. |
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Date: February 3rd, 2025 5:40 PM Author: COMES NOW me in ur mom ((zurich is stained)) yea, i am in the lowest equity tier (750 shares). that was 30 grand. my comp this year was $468k (i miscalculated what it was supposed to be and thought it was going to be either just under or just over 500).
if i stay, i'll be bumped up either 50 or 100 shares. i had a really strong year. |
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Date: February 3rd, 2025 5:49 PM Author: ~~(> ' ' )> I would have guessed more like $150k. (http://www.autoadmit.com/thread.php?thread_id=5672873&forum_id=2#48619055) |
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Date: February 3rd, 2025 5:55 PM Author: COMES NOW me in ur mom ((zurich is stained)) this firm deequitizes people like it's going out of style tho. (http://www.autoadmit.com/thread.php?thread_id=5672873&forum_id=2#48619071) |
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Date: February 3rd, 2025 5:35 PM Author: Prolemobiler lol how many days notice did you end up giving? (http://www.autoadmit.com/thread.php?thread_id=5672873&forum_id=2#48619020) |
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Date: February 3rd, 2025 5:37 PM Author: COMES NOW me in ur mom ((zurich is stained)) at BH? they cut me loose after like 3 weeks.
i've poasted this before, but leaving there was the single career blunder i've made, and it was a big one. i really regret it. my comp there was way off, but they'd have fixed it and probably paid me $100k to stay. but what are you gonna do. and when i say my comp was off, it was in the 300s, which is insane for an actual biglaw firm (which BH is, but just barely) to be paying a partner in their DC office. that said, i had zero originations and most of that time i was a drunk coke addict. |
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Date: February 3rd, 2025 5:48 PM Author: Prolemobiler lol i cant tell if youre flame or not. you have to be a former associate who is running schtick right (http://www.autoadmit.com/thread.php?thread_id=5672873&forum_id=2#48619053) |
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Date: February 3rd, 2025 5:51 PM Author: COMES NOW me in ur mom ((zurich is stained)) nope, this is 100% true.
i got pigeonholed as a service partner for this dood with a massive book who never shared credit, so i guess that was my problem. when i quit, i took $1 million of his book so lol at him.
i left in 2022 and my estimated comp for that year was 350 or 360 (it usually came in a bit higher bc 10% of my pay was equity). my life was unraveling at the time and while i always got good results for clients, i paid zero attention to my hours and did no biz dev. i think i billed like 1600 in 2021. |
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Date: February 3rd, 2025 5:52 PM Author: Prolemobiler oh ok so youre not there anymore. i mightve misread your above poasts. (http://www.autoadmit.com/thread.php?thread_id=5672873&forum_id=2#48619064) |
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Date: February 3rd, 2025 5:55 PM Author: COMES NOW me in ur mom ((zurich is stained)) nah im at a midlaw firm (confusingly a "baker" firm). i do wish i'd stayed tho, they woulda bumped me to $450 to stay, i'm sure, and the rainmaker should be retiring in a year or two (hes like 71 now) and i'd inherit around $2 mil.
but live and learn i guess. it wasn't all bad that i left bc i had to think about building a book, which i've kinda been able to do. |
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Date: February 3rd, 2025 5:56 PM Author: Prolemobiler yeah "biglaw" seems like a garbage industry lmao (http://www.autoadmit.com/thread.php?thread_id=5672873&forum_id=2#48619074) |
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Date: February 3rd, 2025 6:09 PM Author: COMES NOW me in ur mom ((zurich is stained)) it's fairly shitty. i'm doing the firm thing (whether midlaw or biglaw) for 5-7 more years and then gonna get some joke bs job that pays my bills (which are low). will coast until age 62 or so and should have lots of money. (http://www.autoadmit.com/thread.php?thread_id=5672873&forum_id=2#48619106) |
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Date: February 3rd, 2025 7:28 PM Author: COMES NOW me in ur mom ((zurich is stained)) update for anyone who cares, i just got an offer from a midlaw firm with a national footprint. nonequity partner, $450k, $25k signing bonus, $50k if i originate $750k+. they also don't have hard and fast origination requirements for making equity (so i'd almost definitely make it as long as i do a good job, which i will because i suck at everything in life except this stupid job).
waiting on an offer from a low-end biglaw firm, but i may jump on this one. |
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Date: January 30th, 2025 1:00 PM Author: Drunkard RPL is key. PPP can be gamed. Can’t really game RPL. There should be profits per lawyer, but you can back into it. (http://www.autoadmit.com/thread.php?thread_id=5672873&forum_id=2#48605986) |
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Date: February 3rd, 2025 5:39 PM Author: Autoadmit.com do firms even attempt to do FTE calcs or do they just do headcount at the end of year? (http://www.autoadmit.com/thread.php?thread_id=5672873&forum_id=2#48619032) |
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Date: February 3rd, 2025 7:29 PM Author: lfo GOAT POTUS poaster (http://www.autoadmit.com/thread.php?thread_id=5672873&forum_id=2#48619339) |
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Date: February 3rd, 2025 7:34 PM Author: Emperor CRISPR Chad von Neumann III Tell me about Eversheds Sutherland. How are these global/regional marriages faring? Maybe in comparison to Freshfields and other magic circle incursions into the U.S. legal market. (http://www.autoadmit.com/thread.php?thread_id=5672873&forum_id=2#48619346) |
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Date: February 3rd, 2025 7:38 PM Author: Emperor CRISPR Chad von Neumann III Second question. Thoughts on KPMG’s attempt to launch a tax and structuring law firm out of Arizona? (http://www.autoadmit.com/thread.php?thread_id=5672873&forum_id=2#48619353) |