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2024 Law Firm Financials
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Date: January 30th, 2025 10:49 AM Author: garnet supple partner resort Firm Revenue RPL PPP Lawyers
Paul Weiss $2.63b(31.6%) $2.11(6.3%) $7.54m(14.7%) 1,249(23.8%) Milbank $1.86b(22.8%) $1.91(15.2%) $6.81m(33.1%) 971(6.6%) White and Case $3.32b(12.5%) $1.28(10.8%) $4m(27%) 2,598(1.5%) McDermott $2.23b(16.1%) $1.67m(17.2%) $4.58m(21.7%) 1,335(-0.9%) Dechert $1.51b(17%) $1.73(28%) $4.87(36%) 872(-9%) Jenner $682m(17.2%) $1.49m(17.8%) $2.8m(23.5%) 459 (-0.5%) Cahill $463m(15%) $1.63(18.7%) $5.26m(21.1%) 283(-3.1%) Baker Botts $820m(11.8%) $1.3m(10.9%) $2.89(17.6%) 630(0.8%) Cadwalader $638(15.7%) $1.5m(17.3%) $3.71(33.5%) 427(-1.4&) McGuire Woods $1.1b(9.2%) $1.2m(9.2%) $2.3m(11.8%) 822(NC) Steptoe $530m(7.5%) $1.23m(3%) $2.1m(5%) 428(4%) Lowenstein $442m(12.6%) $1.32m(8.5%) $3.12(13.7%) 335(3.8%) Venable $858m(5.7%) $1.09(4.5%) $1.36(1.9%) 788(1.2%) Davis Wright $624m(10.8%) $1.04(9.3%) $1.26(17.7%) 598(1.3%) Ballard Spahr $531m(9.78%) $954(13.2%) $954k(20.8%) 557(-3%) BCLP $860m(2.3%) $784(10.6%) $1.06(11.8%) 1,097(-9%) |
Date: January 30th, 2025 10:49 AM Author: garnet supple partner resort 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: Flirting stirring chad windowlicker 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=2Elisa#48605364) |
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Date: January 30th, 2025 11:07 AM Author: Racy unholy gas station police squad do bakerhostetler pls (http://www.autoadmit.com/thread.php?thread_id=5672873&forum_id=2Elisa#48605367) |
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Date: January 30th, 2025 11:21 AM Author: Godawful preventive strike milk 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=2Elisa#48605415) |
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Date: January 30th, 2025 11:36 AM Author: Racy unholy gas station police squad 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: Dun soggy plaza Probably trying to attract lateral partners (http://www.autoadmit.com/thread.php?thread_id=5672873&forum_id=2Elisa#48605905) |
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Date: January 30th, 2025 1:43 PM Author: Racy unholy gas station police squad 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=2Elisa#48606260) |
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Date: February 3rd, 2025 12:08 PM Author: Flirting stirring chad windowlicker 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=2Elisa#48617949) |
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Date: February 3rd, 2025 2:19 PM Author: Racy unholy gas station police squad 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: Flirting stirring chad windowlicker How was your equity buy-in structured? (http://www.autoadmit.com/thread.php?thread_id=5672873&forum_id=2Elisa#48619012) |
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Date: February 3rd, 2025 5:36 PM Author: Racy unholy gas station police squad $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: Flirting stirring chad windowlicker 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: Racy unholy gas station police squad 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: Flirting stirring chad windowlicker I would have guessed more like $150k. (http://www.autoadmit.com/thread.php?thread_id=5672873&forum_id=2Elisa#48619055) |
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Date: February 3rd, 2025 5:55 PM Author: Racy unholy gas station police squad this firm deequitizes people like it's going out of style tho. (http://www.autoadmit.com/thread.php?thread_id=5672873&forum_id=2Elisa#48619071) |
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Date: February 4th, 2025 12:27 PM Author: Flirting stirring chad windowlicker Not good for equity value! (http://www.autoadmit.com/thread.php?thread_id=5672873&forum_id=2Elisa#48621448) |
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Date: February 3rd, 2025 5:35 PM Author: Godawful preventive strike milk lol how many days notice did you end up giving? (http://www.autoadmit.com/thread.php?thread_id=5672873&forum_id=2Elisa#48619020) |
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Date: February 3rd, 2025 5:37 PM Author: Racy unholy gas station police squad 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: Godawful preventive strike milk 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=2Elisa#48619053) |
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Date: February 3rd, 2025 5:51 PM Author: Racy unholy gas station police squad 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: Godawful preventive strike milk oh ok so youre not there anymore. i mightve misread your above poasts. (http://www.autoadmit.com/thread.php?thread_id=5672873&forum_id=2Elisa#48619064) |
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Date: February 3rd, 2025 5:55 PM Author: Racy unholy gas station police squad 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: Godawful preventive strike milk yeah "biglaw" seems like a garbage industry lmao (http://www.autoadmit.com/thread.php?thread_id=5672873&forum_id=2Elisa#48619074) |
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Date: February 3rd, 2025 6:09 PM Author: Racy unholy gas station police squad 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=2Elisa#48619106) |
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Date: February 3rd, 2025 7:28 PM Author: Racy unholy gas station police squad 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: excitant roast beef school 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=2Elisa#48605986) |
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Date: February 3rd, 2025 5:39 PM Author: Transparent state 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=2Elisa#48619032) |
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Date: February 3rd, 2025 7:29 PM Author: Fishy casino GOAT POTUS poaster (http://www.autoadmit.com/thread.php?thread_id=5672873&forum_id=2Elisa#48619339) |
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Date: February 3rd, 2025 7:34 PM Author: henna theater water buffalo 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=2Elisa#48619346) |
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Date: February 3rd, 2025 11:46 PM Author: Racy unholy gas station police squad (http://www.autoadmit.com/thread.php?thread_id=5672873&forum_id=2Elisa#48620127) |
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Date: February 3rd, 2025 7:38 PM Author: henna theater water buffalo 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=2Elisa#48619353) |
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Date: February 4th, 2025 9:37 AM Author: Racy unholy gas station police squad this seems problematic. don't most states' ethics rules prohibit nonlawyers directing lawyers in their work? seems like this would have a pretty limited footprint. i actually thought all states' rules contained that provision, but i guess not.
of course states could just change their rules to make way for BIGACCOUNTINGLAW |
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Date: February 4th, 2025 12:31 PM Author: Flirting stirring chad windowlicker As an Arizona lolmo, the decision to allow non-lolyer ownership has been pretty uneventful so far. Haven't seen much come of it. (http://www.autoadmit.com/thread.php?thread_id=5672873&forum_id=2Elisa#48621461) |
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Date: February 5th, 2025 10:47 PM Author: henna theater water buffalo KPMG’s plan seems to be to try and jam a national tax practice into the state so that they can steal tax opinion writing from the lol firms, which is like the last thing in the field that the firms have a monopoly and high margins on.
But it seems that the state bar/courts or whatever have very recently put a hold on it. |
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Date: February 4th, 2025 5:19 PM Author: garnet supple partner resort Subject: Jenner Block Jenner was leaning into these areas at a time of growth industrywide: litigation grew 3.3% across the market through most of last year, according to one report.
“Those areas are core to us, and regardless of the change in administration, you’re going to continue to see clients needing that advice,” said Ishan Bhabha, Jenner co-managing partner, in an interview Tuesday.
He and firm co-managing partner Randy Mehrberg said nine of the firm’s 17 “primary teams” individually exceeded a goal of increasing revenue by 15%, and the firm saw increased demand by “4 or 5% last year” overall.
Jenner’s total revenue per lawyer rose by 17.8% to $1.49 million.
https://www.law.com/americanlawyer/2025/02/04/leaning-into-core-strengths-jenners-revenue-climbs-17-profits-soar-23-/ |
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Date: February 4th, 2025 5:20 PM Author: garnet supple partner resort Subject: Baker Botts he firm had 630 lawyers on a full-time equivalent basis in 2024, up less than a percent from 625 the year before. The number of equity partners was 98 on an FTE basis in 2024, the same as the prior year.
The strong year at Baker Botts follows a year when revenue declined by 2.5% and RPL dipped by 2.4% compared with 2022. Net income in 2023 dropped 11.8% compared with the prior year, and with 6.4% fewer equity partners, profits per equity partner dropped 5.8%. David attributed those results to the firm's investment in lateral hiring in key practices and opening an office in Singapore, while the firm nevertheless benefited from strong demand in energy, energy litigation and intellectual property.
https://www.law.com/texaslawyer/2025/02/04/in-record-year-for-baker-botts-revenue-up-118-pep-up-176/ |
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Date: February 4th, 2025 6:05 PM Author: Buff turdskin 2nd page of Baker firms pls (http://www.autoadmit.com/thread.php?thread_id=5672873&forum_id=2Elisa#48622483) |
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Date: February 4th, 2025 6:48 PM Author: Racy unholy gas station police squad please do baker hostetler. i was a partner there a few years ago. (http://www.autoadmit.com/thread.php?thread_id=5672873&forum_id=2Elisa#48622582) |
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Date: February 6th, 2025 10:29 AM Author: garnet supple partner resort Subject: White and Case If 2023 was a rebound year for White & Case, 2024 became a “breakthrough year,” the firm said. White & Case’s revenue rose by 12.5% to $3.32 billion last year, and as the equity partner tier contracted further, profits per partner surged by 27% to cross the $4 million mark for the first time ever. Net income for equity partners popped up by 17% to $1.398 billion.
https://www.law.com/international-edition/2025/02/06/a-breakthrough-year-white--case-crosses-4m-in-pep-3b-in-revenue/ |
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Date: February 10th, 2025 8:35 AM Author: garnet supple partner resort Subject: Milbank Citing strong demand increases in all of its primary practices, Milbank saw record financial results across the board in 2024. The firm hit new highs, including a 23% rise in revenue to $1.86 billion, a 33% surge in average profits per equity partner to $6.8 million, and 36.5% growth in net income for equity partners to $1.16 billion.
https://www.law.com/americanlawyer/2025/02/10/milbanks-revenue-and-profits-surge-following-demand-increases-across-the-board/ |
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Date: February 10th, 2025 11:28 PM Author: garnet supple partner resort Subject: Lowenstein Lowenstein Sandler saw double-digit increases in revenue and profit in 2024, bouncing back from a dip in 2023.
Lowenstein Sandler earned $441.9 million in revenue in 2024, a 13% increase from 2023, and $3.124 million in profits per equity partner, a 14% increase year over year. That strong performance, however, wasn’t enough to reach or surpass the highs of the firm’s 2022 performance, in which the firm raked in over $450 million in revenue after bringing in a windfall from contingency fee cases.
https://www.law.com/americanlawyer/2025/02/10/lowenstein-sandler-rebounds-from-2023-invests-in-future-growth/ |
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Date: February 13th, 2025 5:10 PM Author: garnet supple partner resort Subject: Cadwalader Citing stability in capital markets and a strong year for the firm’s core practices, Cadwalader, Wickersham & Taft saw firm revenue jump by 15.7% to $638.2 million. Meanwhile, profits per equity partner surged 33.5%, jumping up to $3.7 million, up from $2.78 million from fiscal 2023, according to preliminary financial reporting by The American Lawyer.
https://www.law.com/americanlawyer/2025/02/13/back-to-normal-cadwalader-sees-revenue-pep-surge-as-equity-tier-shrinks/ |
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Date: February 20th, 2025 3:53 PM Author: garnet supple partner resort Subject: Venable Washington, D.C. law firm Venable saw gross revenue rise by more than 5% to $858.2 million last year — moderate growth after seeing double-digit top-line expansion the year prior. The firm has reported consecutive revenue growth each year for more than a decade now.
The firm also increased its profitability and net income in 2024, though at a lower rate than its revenue. Profits per equity partner (PEP) inched up almost 2% to $1.36 million, while the firm’s net income grew over 3% to $270.5 million. Revenue per lawyer rose 4.5% to $1.089 million amid mostly steady head count.
https://www.law.com/nationallawjournal/2025/02/20/venables-revenue-grows-5-amid-nonequity-tier-expansion/ |
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Date: February 20th, 2025 9:20 PM Author: garnet supple partner resort Subject: McDermott McDermott, Will & Emery saw its top-line revenue jump by 16.1% to cross the $2 billion mark ($2.23 billion) for the first time while seeing its average profits per equity partner hit an all-time high of $4.58 million, a 21.7% increase.
Amid a 1% dip in head count, down to 1336 lawyers, McDermott's revenue per lawyer surged by 17.2% to $1.67 million. With a bump in its equity tier, net income surged 27% to $964.4 million.
https://www.law.com/americanlawyer/2025/02/20/mcdermott-crosses-2b-in-revenue-sees-pep-best-45-million/ |
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Date: February 20th, 2025 9:21 PM Author: garnet supple partner resort Subject: Ballard Spahr Under chairman Peter Michaud’s first full year leading Ballard Spahr, the firm achieved double-digit increases across nearly every financial category in 2024.
While gross revenue for the firm grew by just under 10% to reach $531.7 million, profits per lawyer skyrocketed by 20.2% to $954,000. Net income increased by 19% year over year, coming in at approximately $210 million and helping boost the firm’s profit margin to about 40%. Revenue per lawyer, meanwhile, grew by 13.2% to $954,600.
https://www.law.com/thelegalintelligencer/2025/02/20/before-entering-pacific-northwest-ballard-spahr-posted-double-digit-growth-in-2024/ |
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Date: February 21st, 2025 5:17 PM Author: garnet supple partner resort Subject: Davis Wright Davis Wright Tremaine is reporting another year of revenue gains during a 2024 that saw an abrupt leadership transition.
The Seattle-headquartered firm boasted a 10.8% increase in gross revenue, which outpaced its gains in 2023 and surpassed the $600 million mark. And profits per equity partner pushed upwards as well, rising to $1.27 million, a TKTK increase.
https://www.law.com/americanlawyer/2025/02/21/davis-wright-tremaine-surpasses-600m-in-revenue-amid-leadership-transition/ |
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Date: February 21st, 2025 5:19 PM Author: garnet supple partner resort Subject: Cahill Cahill Gordon & Reindel, coming off two consecutive years of revenue declines, rode investments in new practices and a rebound in the leveraged finance market in 2024 to generate a 15% revenue gain to $463.6 million. The firm surged 21% in average profits per equity partner to $5.27 million, while the firm's net income for equity partners was up 20% to $278.7 million.
https://www.law.com/americanlawyer/2025/02/21/cahills-strategy-shift-contributes-to-15-revenue-gain-21-pep-surge/ |
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Date: February 24th, 2025 7:31 PM Author: MisterX Subject: Dechert After seeing relatively flat revenues in 2023, Dechert last year made significant strides in financial performance, raking in 17% more in firm revenue over the prior year to cross the $1.5 billion threshold, and experiencing a whopping 47% jump in net income.
https://www.law.com/thelegalintelligencer/2025/02/24/dechert-grows-revenue-past-15b-rebounding-after-flat-2023/ |
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Date: February 24th, 2025 7:32 PM Author: MisterX Subject: BCLP After two consecutive years of declining revenue, Bryan Cave Leighton Paisner turned around its fortunes in 2024 with a 2.3% increase in gross revenue, in a year CEO Steve Baumer characterized as a year of sharper and more disciplined growth.
https://www.law.com/americanlawyer/2025/02/24/bclp-posts-modest-revenue-growth-as-head-count-continues-to-shrink/ |
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Date: February 27th, 2025 8:34 AM Author: MisterX Subject: Paul Weiss In a year of significant changes at Paul, Weiss, Rifkind, Wharton & Garrison, including a new nonequity partnership tier and rapid lateral growth, the New York law firm saw double-digit gains in revenue and profits. The firm’s revenue jumped by 31.6% to $2.63 billion, while its average profits per equity partner grew by 14.7% to $7.51 million.
https://www.law.com/americanlawyer/2025/02/27/paul-weiss-sees-revenue-jump-32-pep-hits-75m-in-transformative-year/ |
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Date: March 3rd, 2025 8:32 AM Author: MisterX Subject: McGuire Woods As demand picked back up and productivity increased in 2024, McGuireWoods saw a steady rise in its gross revenue, climbing by 9% to $1.1 billion.
Even with an almost 3% jump in its equity tier to 206 partners, the firm increased profitability in 2024. Net income rose by 15% to $474 million, and average profits per equity partner soared 11.8% to $2.3 million.
https://www.law.com/nationallawjournal/2025/03/03/mcguirewoods-revenue-grew-9-to-11-billion-as-demand-picked-up/ |