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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.
“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.Revenue Down But Profits Up at Stevens & Lee by joshua
Tagged: equity partners, ernie choquette, financial reports, financial statement, gross revenue, profits per equity partner, profits per partner, revenue, revenue decrease, revenue per lawyer, stevens & lee