Gary Wingens, managing partner of Lowenstein Sandler. (Courtesy photo) Lowenstein's Profits Surge 27%, With Litigation and Contingency Work Driving Growth
Contingency fees played a larger role in the firm's revenue in 2022, while the firm slowed its hiring and raised billing rates, according to managing partner Gary Wingens.
February 09, 2023 at 10:00 AM
4 minute read
Law Firm Profitability
The original version of this story was published on New Jersey Law Journal
What You Need to Know
- The firm's revenue grew 15.3% to $451.9 million while net income increased 29.2%, to $181.05 million.
- Litigation, contingency fee work and billing rate increases all helped drive Lowenstein's growth in 2022.
- While there were no cuts or layoffs, Lowenstein did slow its rate of hiring, according to the managing partner.
In a departure from prior years when Lowenstein Sandler's transactional practices drove steady financial performance, the firm's litigation practices in 2022 largely helped bring about double-digit percentage gains in revenue and profits.
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