Apparently at least one law firm is growing as it rakes in the dough despite the recession. From The Blog of Legal Times:
Crowell [& Moring] reports that gross revenue is up 25.86 percent to more than $296 million. Profits per partner spiked more than 22 percent, coming in just shy of the million-dollar mark at $999,765. Revenue per lawyer rose 13.2 percent to $741,302.
Firm chairman Kent Gardiner attributes Crowell’s stellar 2008 to three factors: the successful completion of high-stakes litigation, the diversity of Crowell’s practice mix, and overall growth in head count.
The largest and most lucrative piece of litigation that Crowell handled last year was its representation of Enron Creditors Recovery Corp. against Citigroup, in which Citi agreed to pay Enron Creditors a settlement of $1.66 billion. Gardiner says the firm also took on more work on a success-fee basis in 2008 and saw lucrative outcomes from those matters.
Crowell grew by 40 lawyers…
Crowell & Moring is headquartered in Washington DC, with offices in Irvine, New York City, Los Angeles, London and Brussels, and around 400 lawyers. The firm was founded in 1979 by 53 lawyers, most of whom were previously at Jones Day.
Via BLT.