K&L Gates, Arent Fox Report Double-Digit Increases in Revenue
The expanding law firm K&L Gates reported a 27 percent increase in gross revenue for 2008, yet totals were still below the $1 billion mark.
The law firm added 300 lawyers last year and its revenue reached $959.5 million, the American Lawyer reports. Profits per equity partner jumped almost 7 percent, reaching $855,000, the magazine says.
K&L Gates continues to grow, the article says. It is adding a second office in Germany and voting on a proposed merger with Bell, Boyd & Lloyd on Jan. 30.
Meanwhile another law firm, Arent Fox, also reported double-digit revenue growth for 2008. Its gross revenue was $222.5 million, a 10.15 percent increase, according to Legal Times. Profits per partner grew by only .13 percent. The firm is freezing associate salaries in anticipation of a flat year in 2009, according to chairman Marc Fleischaker.
Wilmer Cutler Pickering Hale and Dorr, on the other hand, is raising salaries this year, despite a small 1.2 percent increase in gross revenue, with the total reaching $955 million. Profits per partner reached $1.08 million, a 1.44 percent increase. The profit reports were carried in Legal Times and the National Law Journal.
The American Lawyer has a chart showing revenue that has been reported so far by the large law firms.
