Bryan Cave Leighton Paisner. Courtesy photo Bryan Cave Leighton Paisner, Offsetting 'Interest Rate-Challenged' Practices With Disputes, Sees Flat Year for Revenue, Profits
A strong year for litigation and disputes combined with a decent year for M&A and sluggish areas of the real estate practice, global CEO Steve Baumer said.
March 13, 2024 at 03:52 PM
3 minute read
What You Need to Know
- Bryan Cave Leighton Paisner largely held its financial position from 2022, with a minor uptick in PEP alongside a slight decline in gross revenue.
- Litigation and disputes, particularly class actions, helped BCLP overcome a relatively slow year in financial transactions and real estate deals.
- Revenue from the firm's U.S. offices accounted for roughly 64% of the firm's total revenue, while the U.K. generated 28%.
Looking back at 2023, Bryan Cave Leighton Paisner global CEO Steve Baumer said he was happy with the firm's "balanced performance," with countercyclical practices offsetting slow demand in "interest rate-challenged" practices such as real estate and financial transactions that remain hamstrung by high interest rates.
The global law firm posted a 0.6% decline in revenue last year at $840 million and a 0.1% decline in RPL, as head count held roughly flat at 1,185 (full-time equivalent) attorneys. A 5.7% decline in equity partners, which Baumer attributed to normal attrition, helped push PEP into the black with a 0.8% gain to $950,000.
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