Contingency cases fueled 'extraordinary year' for Boies Schiller, with gross revenue jumping nearly 60%
Gross revenue at Boies Schiller Flexner increased 57.5% last year, thanks in part to contingency fees. (Image from Shutterstock)
Gross revenue at Boies Schiller Flexner increased 57.5% last year, thanks in part to contingency fees.
The law firm had $387.4 million in gross revenue, compared to $246 million in 2023, Law.com reports. Revenue per lawyer was $2.1 million in 2024, compared to $1.6 million in 2023.
More than 40% of Boies Schiller’s earnings in 2024 came from contingency cases, the article reports. But the firm is positioned well for the future because of rising demand and higher lawyer head count, Matthew Schwartz, the chairman of Boies Schiller, told Law.com.
Among the nation’s 100 top-grossing firms, the highest increase in gross revenue was 31.6% at Paul, Weiss, Rifkind, Wharton & Garrison, which had $2.6 billion in gross revenue, according to a different Law.com story. The Am Law 100 firm with the highest gross revenue, Kirkland & Ellis, earned $8.8 billion.
Boies Schiller earned contingency fees last year in a Blue Cross Blue Shield antitrust case and in lawsuits accusing banks of doing business with multimillionaire financier Jeffrey Epstein, despite awareness of abuse, according to the article.
Head count, once at 320 lawyers in 2018, decreased to 150 lawyers in 2022. The number could be close to 200 by the end of 2025, Schwartz said.
“It was an extraordinary year and probably not a replicable year any time soon, from the contingency payout perspective,” Schwartz told Law.com. “But we have some excellent cases on the horizon.”
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