GrayRobinson Posts Flat Revenue as Firm Streamlines Operations
GrayRobinson president Mayanne Downs said the firm's new Washington, D.C., office is "a serious long bet on the part of the firm."
March 05, 2019 at 06:29 PM
3 minute read
The original version of this story was published on Daily Business Review
GrayRobinson reported a slight drop in revenue and head count last year as the firm looks to solidify its culture and streamline its operations.
The firm posted a small decline in revenue growth in 2018 of 0.8 percent, from $156.5 million in 2017 to $155.2 million last year. Net income went from $70.5 million to $69.1 million, dropping 2 percent.
Revenue per lawyer rose, however, from $527,000 to $562,000—an increase of 6.6 percent. And profits per equity partner rose 7.2 percent, from $434,000 to $464,000. The increase came as the number of equity partners dropped 8.6 percent, from 163 to 149. The total lawyer head count also fell, from 297 to 276—a decline of 7.1 percent.
Notable departures included Steven Zelkowtiz, the firm's managing partner in Miami, who left for Fox Rothschild. In August, bankruptcy attorney Steven Solomon took over the Miami office.
GrayRobinson president Mayanne Downs said the firm's main priority is to provide effective services to its clients. To her, there's a sort of tension between size and effectiveness. The firm prides itself on the autonomy it can provide to its attorneys: there are few committees, and attorneys can set their own rates, which Downs said is a big plus to recruiting.
“Our head count has gone down from 297 to 276, yet our revenue has been reduced very little,” she said. “When you can grow your profits per partner, when you can streamline your organization while preserving revenue growth, it feels good for everybody … We've never sought to be the largest law firm.”
Looking to solidify its identity, GrayRobinson made what Downs called “a serious long bet” by opening an office in Washington, D.C.—the firm's first venue outside of Florida in its 50-year history.
To Downs, that expansion represented the firm doubling down on its lucrative government and lobbying practices. In addition to lobbying work, the firm brought in a million dollars worth of business litigating the midterm recounts.
“Our clients have been asking us to take the same level of understanding and ability to provide access and influence in the state to the federal level,” said Downs. “We resisted that for awhile because we wanted to focus on Florida.”
As the firm looks toward 2019, Downs said the firm is looking at three particular themes.
The first is to “right-size physical spaces.” Downs said the firm wants to redesign its office spaces to encourage collaboration and efficiency. Secondly, GrayRobinson is looking to expand its services in the firm's newly minted D.C. office. As of now, the satellite office is a lobbying shop, but Downs said clients are asking if the firm could handle regulatory banking work in the D.C. area.
Lastly, Downs said the firm is looking to bolster a few key practice areas, including corporate, alcohol regulation, appellate and family law.
“There's a shortage of family law lawyers who can handle high-profile clients,” she said.
|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 AllAs Tech-Focused Roles in C-Suite Expand, Newcomers Embrace Big Law Opportunities
Trending Stories
- 1Infant Formula Judge Sanctions Kirkland's Jim Hurst: 'Overtly Crossed the Lines'
- 2Trump's Return to the White House: The Legal Industry Reacts
- 3Election 2024: Nationwide Judicial Races and Ballot Measures to Watch
- 4Climate Disputes, International Arbitration, and State Court Limitations for Global Issues
- 5Judicial Face-Off: Navigating the Ethical and Efficient Use of AI in Legal Practice [CLE Pending]
- 6How Much Does the Frequency of Retirement Withdrawals Matter?
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