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Cincinnati’s Dinsmore & Shohl reported mixed results for 2008, with gross revenue solidly up but profits per partner down double-digits.
Gross revenue for the law firm rose 10.7% to $132.8 million. Profits were down 4% to $44 million; profits per partner declined almost 16% to $385,000.
Managing partner George Vincent attributes much of the movement in the firm’s financials to the acquisition of two 20-plus lawyer groups last year. In April, Dinsmore acquired Dayton, Ohio-based Chernesky Heyman & Kress; and in May, 27 lawyers from the Columbus, Ohio, office of Buckingham, Doolittle & Burroughs.
Overall, Dinsmore’s head count increased 15% in 2008, spiking revenue but hurting the bottom line.
Despite the slowing economy, Vincent is optimistic about 2009, as bankruptcy and restructuring work is strong; he expects both revenue and profits per partner to be up.
Dinsmore will likely continue to recruit laterals, focusing on the firm’s Midwest stronghold of Ohio, Kentucky, Western Pennsylvania and West Virginia.
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According to the National Law Journal’s 2007 rankings, Dinsmore is the 144th largest law firm in the United States, and the largest in Cincinnati. The firm also ranked 170th in profit per attorney on the 2007 Am Law 200 survey.
Dinsmore is one of the few law firms in the US to own its own title agency, Mercantile Title Agency. The firm also founded a Cincinnati investment bank, Great Water Capital Partners LLC.
