Merger Helps Propel K&L Gates Past $1B Revenue Mark
Posted Jan 15, 2010 1:03 PM CST
By Debra Cassens Weiss
A merger has helped put K&L Gates in the $1 billion in revenue club.
The law firm posted $1.034 billion in gross revenue last year, an 8 percent increase, the Am Law Daily reports. The revenue jump was largely due to a March 2009 merger with Chicago-based Bell, Boyd & Lloyd, the story says.
Last year, 13 law firms had gross revenue of more than $1 billion.
K&L Gates had $861,000 in profits per equity partner, up from $855,000 the prior year. K&L chairman Peter Kalis told the Am Law Daily that the firm had a strong fourth quarter and that he’s optimistic about 2010. Last year, the firm laid off 36 associates and pushed back the start dates of 80 new lawyer hires, but Kalis thinks there won’t be a need for similar action in 2010.
"With the cost-cutting we did, we feel pretty well-positioned and don't see any further dramatic measures as necessary," he said.
Locke Lord Bissell & Liddell has also posted an increase in partner profits.