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Revenue Down But Profits Up at Stevens & Lee

Gross revenue declined to $108.6 million at Stevens & Lee in 2009, a 1 percent decrease from the $109.7 million the firm took in in 2008. According to the Legal Intelligencer, profits per equity partner managed a 4.6 percent increase last year to $905,000 from $865,000 in ’08.

The report cited a decrease in the firm’s “core corporate practices” as the catalyst for the dip in gross revenue. Revenue per lawyer also fell nearly 6 percent in ’09 to $635,000 from $675,000 the previous year, which was thanks in large part to the firm continuing to bring on lateral hires.

According to the Legal Intelligencer, Stevens & Lee had 171 lawyers in ’09, including 62 equity partners.

Firm President Ernie Choquette said in the report that the firm is looking to expand this year.

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“What we are seeing is the large buyers of legal services are now understanding that a lot of the midsized firms…can provide the same quality of service that the top 100 (firms) can provide (but) at a better value metric,” Choquette said.

Stevens & Lee was founded in 1928 and has 13 offices throughout the mid-Atlantic region.

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