Winston & Strawn's Record Year Sees Revenue Rise 19 Percent
Thomas Fitzgerald, chairman of Winston & Strawn and head of the firm's executive committee, predicted late last year that 2017 would be the “best year the firm has ever had.” He was right.
March 12, 2018 at 02:22 PM
4 minute read
The original version of this story was published on The American Lawyer
Winston & Strawn chairman Thomas Fitzgerald predicted late last year that 2017 would be the “best year the firm has ever had.” He was right.
From a financial perspective, Winston & Strawn grew gross revenue by nearly 19 percent, to $978.5 million, as profits per partner at the firm topped $2 million for the first time, growing 18.4 percent, to $2.16 million. Revenue per lawyer jumped 11.7 percent, to $1.15 million.
From a recruiting perspective, Winston & Strawn has added 90 lateral partners in the past 14 months through February. Head count grew 6.4 percent last year, to 849 lawyers.
The Chicago-based Am Law 100 firm's growth spurt was in part a result of Fitzgerald's personal recruiting touch, as noted by The American Lawyer in December. Winston & Strawn was aided by a one-time contingent fee payment the firm received following a settlement with The Walt Disney Co. over a case filed in 2011. The firm represented Beef Products Inc. in a defamation claim following a report by Disney-owned ABC News calling the company's product “pink slime.”
While the size of that settlement remains confidential, Disney has disclosed that it paid $177 million over its insurance limits to conclude the matter.
“We hit our bogey and our partners did great. We had a great year,” Fitzgerald said in an interview. “I owe it all to our partners. They did great.”
The firm began its year with the announcement of a new Dallas office, which opened in February 2017 with 23 partners from eight different firms. The office now stands at 57 lawyers, according to Winston & Strawn's website.
In April, Winston & Strawn bolstered its Silicon Valley office by luring Katherine Vidal from Fish & Richardson, where she had practiced for more than 20 years and had served on the firm's management committee.
That recruiting momentum has carried on through into 2018. Most recently, Winston & Strawn this month hired a group of seven private equity partners from Jenner & Block led by Mark Harris, who served as leader of the latter's private equity practice.
Apart from the BPI-Disney settlement, the firm's work made headlines when co-executive chairman Jeffrey Kessler represented the National Football League Players Association in a challenge of a six-game suspension to star Dallas Cowboys running back Ezekiel Elliott. The drawn-out federal court battle related to a domestic abuse investigation of Elliott conducted by the league ultimately resulted in the ex-Ohio State University standout sitting out six games.
Winston & Strawn's nonequity ranks surged last year by 16.4 percent, to 224 partners, with compensation for that group growing by nearly 36 percent, to about $162 million. Despite the increase in recruiting, the firm's equity partnership actually shrunk 2.4 percent, down to 140.
Fitzgerald said that was the result of Winston & Strawn's hiring of large groups of lawyers, many of whom were leveraged with nonequity partners. In April, the firm will begin a process to move closer to a one-tier partnership, with nonequity partners paying in capital over a three-year period.
As for its recruiting streak, Fitzgerald said that Winston & Strawn will try to keep it up. But without a pink slime-size settlement on the horizon, he said the growth rates the firm notched last year may be tough to match in 2018.
“I can't tell you we'll be able to match last year. We want to. We'll see,” Fitzgerald said. “Our efforts will be just as substantial. But part of it is matching up and getting opportunities and getting the breaks to have people come over. Last year was so unusual that I'd never want to say we'd match it because that would be setting myself up.”
CORRECTION: An earlier version of this story misstated Winston & Strawn's 2017 revenue in the second paragraph as $948.5 million, rather than $978.5 million. We regret the error.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
NOT FOR REPRINT
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
You Might Like
View AllA Law Firm Divided: How Generational Differences Are Fracturing Firms
The Week in Data Aug. 6: A Look at Legal Industry Trends By the Numbers
The Week in Data July 31: A Look at Legal Industry Trends By the Numbers
Trending Stories
- 1Call for Nominations: Elite Trial Lawyers 2025
- 2Senate Judiciary Dems Release Report on Supreme Court Ethics
- 3Senate Confirms Last 2 of Biden's California Judicial Nominees
- 4Morrison & Foerster Doles Out Year-End and Special Bonuses, Raises Base Compensation for Associates
- 5Tom Girardi to Surrender to Federal Authorities on Jan. 7
Who Got The Work
Michael G. Bongiorno, Andrew Scott Dulberg and Elizabeth E. Driscoll from Wilmer Cutler Pickering Hale and Dorr have stepped in to represent Symbotic Inc., an A.I.-enabled technology platform that focuses on increasing supply chain efficiency, and other defendants in a pending shareholder derivative lawsuit. The case, filed Oct. 2 in Massachusetts District Court by the Brown Law Firm on behalf of Stephen Austen, accuses certain officers and directors of misleading investors in regard to Symbotic's potential for margin growth by failing to disclose that the company was not equipped to timely deploy its systems or manage expenses through project delays. The case, assigned to U.S. District Judge Nathaniel M. Gorton, is 1:24-cv-12522, Austen v. Cohen et al.
Who Got The Work
Edmund Polubinski and Marie Killmond of Davis Polk & Wardwell have entered appearances for data platform software development company MongoDB and other defendants in a pending shareholder derivative lawsuit. The action, filed Oct. 7 in New York Southern District Court by the Brown Law Firm, accuses the company's directors and/or officers of falsely expressing confidence in the company’s restructuring of its sales incentive plan and downplaying the severity of decreases in its upfront commitments. The case is 1:24-cv-07594, Roy v. Ittycheria et al.
Who Got The Work
Amy O. Bruchs and Kurt F. Ellison of Michael Best & Friedrich have entered appearances for Epic Systems Corp. in a pending employment discrimination lawsuit. The suit was filed Sept. 7 in Wisconsin Western District Court by Levine Eisberner LLC and Siri & Glimstad on behalf of a project manager who claims that he was wrongfully terminated after applying for a religious exemption to the defendant's COVID-19 vaccine mandate. The case, assigned to U.S. Magistrate Judge Anita Marie Boor, is 3:24-cv-00630, Secker, Nathan v. Epic Systems Corporation.
Who Got The Work
David X. Sullivan, Thomas J. Finn and Gregory A. Hall from McCarter & English have entered appearances for Sunrun Installation Services in a pending civil rights lawsuit. The complaint was filed Sept. 4 in Connecticut District Court by attorney Robert M. Berke on behalf of former employee George Edward Steins, who was arrested and charged with employing an unregistered home improvement salesperson. The complaint alleges that had Sunrun informed the Connecticut Department of Consumer Protection that the plaintiff's employment had ended in 2017 and that he no longer held Sunrun's home improvement contractor license, he would not have been hit with charges, which were dismissed in May 2024. The case, assigned to U.S. District Judge Jeffrey A. Meyer, is 3:24-cv-01423, Steins v. Sunrun, Inc. et al.
Who Got The Work
Greenberg Traurig shareholder Joshua L. Raskin has entered an appearance for boohoo.com UK Ltd. in a pending patent infringement lawsuit. The suit, filed Sept. 3 in Texas Eastern District Court by Rozier Hardt McDonough on behalf of Alto Dynamics, asserts five patents related to an online shopping platform. The case, assigned to U.S. District Judge Rodney Gilstrap, is 2:24-cv-00719, Alto Dynamics, LLC v. boohoo.com UK Limited.
Featured Firms
Law Offices of Gary Martin Hays & Associates, P.C.
(470) 294-1674
Law Offices of Mark E. Salomone
(857) 444-6468
Smith & Hassler
(713) 739-1250