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Revenue, Profits Up at Cozen O’Connor
There were apparently few signs of a recession at Cozen O’Connor in 2009. The firm Monday reported signifcant increases in gross revenue, profits per equity partner and revenue per lawyer.
Gross revenue jumped 22 percent to $290 million in ’09, profits per partner were up 19 percent to $650,000 and revenue per lawyer was up 11 percent to $575,000. The jump in revenue was due in large part to the firm adding almost 70 lawyers from Wolf Block, which went out of business.
Cozen O’Connor CEO Tad Decker also told Business Journal the firm earned additional revenue through a one-time contingent fee in a commercial litigation case. He added even without the fee, revenue would have been up close to 10 percent.
The firm currently has about 550 lawyers, which is a 10 percent increase from the beginning of 2009.
“We are obviously very pleased with our results despite this year’s adverse business climate,” Decker told Business Journal. “I credit our success to the balance and diversity of our practice groups and the hiring of some outstanding laterals.”
Cozen O’Connor was founded in 1970 and has offices in 23 cities on two continents.Revenue, Profits Up at Cozen O'Connor by joshua