Summary: The law firm of Paul Weiss announced that its revenue for 2014 exceeded the billion-dollar threshold.
In 2014, Paul, Weiss, Rifkind, Wharton & Garrison broke the billion-dollar threshold in revenue and set new records for attorney headcount and partner profitability, according to The American Lawyer.
Gross revenue at the firm jumped to $1.036 billion, which is a 10.9 percent increase from 2013.
All of the partners at the firm have equity status. Average profits per partner jumped by 6.2 percent to $3.845 million in 2014.
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Firm chair Brad Karp said, “We were fortunate to have another record-breaking years in profits, revenues and pro bono hours. Plus, we broke the billion-dollar mark in revenues, which is a significant milestone for us.”
The firm saw its gross revenue increase because of large client demand, which forced the firm to hire more lawyers. The number of attorneys at the firm jumped by 10.4 percent to 943 lawyers.
“Our litigation, regulatory and transactional practices, which make up the bulk of our firm’s work, were exceptionally busy,” Karp said.
The firm worked on 145 global announced mergers and acquisitions valued at more than $161 billion.
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“We are most proud of the fact that we have not cut corners or compromised our culture or core values to achieve our success,” Karp said.
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