Most of the news was good news for Duane Morris in 2009.
The firm’s gross revenue came in at $387 million, an increase from $368 million in 2008, and profits per equity partner rose 3.6 percent to $753,000 from $727,000. The lone blemish was a drop of less than 1 percent in revenue per lawyer from $637,000 to $633,000, The Legal Intelligencer reports.
A big factor in the increases were payouts of between $15 million $20 million in contingency fees and an increase in billable hours for the year, according to the publication.
Headcount also grew at the firm, thanks in part to the rescue of 24 lawyers from Wolf Block. Chairman John Soroko told the Intelligencer the Wolf Block group quickly increased revenue and the firm got back nearly its entire investment within eight months.
Founded in 1904 as Duane, Morris, Heckscher & Roberts, Duane Morris LLP employs more than 650 lawyers in 23 offices in the United States, London, Singapore and Vietnam. In addition to legal services, Duane Morris has independent affiliates employing approximately 100 professionals engaged in other disciplines.
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Posted by joshua
on March 25, 2010. Filed under Home,Law Firm News.
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Law firms of all sizes are being much more selective about who makes equity partner. Gone are the days where doing good work and putting in your time is enough to get you to a profit sharing level. Today, equity partners almost always have to prove that they can contribute their share to the firm. So what does this mean for associates and how can a two-tiered partnership track be beneficial? With a two-tiered partnership structure, associates get more time to prove themselves and also more time to determine whether partnership is the right goal for them. Two-tier partnerships (non-equity and equity) exist so the firm can train and develop associates into equity partners. The non-equity track to partner at most firms is on average, 6 years long. [...]
May 16, 2013 Read More
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