Enter your email address and start getting breaking law firm and legal news right now!
Revenue and Profits up at Reed Smith
2010 was a good year for Reed Smith, as revenues and profits, along with other key financial numbers all moved upward. Gross revenue moved up 1.7% and the firm also increased its profit margin by a point. And it managed to do this while increasing head count and billable hours, another indicator that the legal market is beginning to thaw out.
Head count at Reed Smith ticked up slightly, from 1,433 to 1,449 lawyers. Equity partnerships remained flats, but the non equity partner class grew by over 3%. Profits per partner came in at $1.05 million.
Gregory Jordan, the firm’s managing partner, attributed the good year to the firm’s commitment to maintaining strong relationships with clients.