Latham Grabs a U.S. Law Firm Record: $2B in Gross Revenue
Latham & Watkins has become the first U.S. law firm to top $2 billion in gross revenue.
The question is whether it will remain on top after Skadden, Arps, Slate, Meagher & Flom announces its 2007 revenues. The year before, Skadden was No. 1, with $1.85 billion in gross revenue, the Wall Street Journal reports (sub. req.), citing American Lawyer magazine figures from 2006.
Latham’s $2 billion-plus represented an increase of 23 percent over last year, the Recorder reports. Its profits per partner of $2.2 million was “a similarly massive year-over-year increase,” the legal publication says. But the profits-per-partner figure wasn’t as notable, as several law firms had higher numbers last year.
Latham chairman Robert Dell told the WSJ the record revenues weren’t the result of bigger fees in one practice area or part of the world. “We had nice increases without a merger or large lateral acquisition or any major contingency fee award,” he said. Scott Haber, the firm’s San Francisco office managing partner, attributed the gains in a Recorder interview to the firm’s geographic reach and diversity of practice.
Law firm consultant Peter Zeughauser told the Recorder that the 2,100-lawyer firm’s premium mergers and acquisitions work, along with its international practices, likely helped it achieve the high numbers.
