O'Melveny offices in Washington, D.C. O'Melveny Re-Elects Chair, Prepares for 'Tremendous' 2024 After Revenue Dip
Gross revenue slid by 3.6% last year, but the firm started March 2024 with 20% more inventory than the previous March.
March 14, 2024 at 05:00 AM
6 minute read
Law Firm Profitability
What You Need to Know
- A single-digit dip in gross revenue hasn't concerned O'Melveny & Myers chair Bradley Butwin, who was recently re-elected to his fourth term in firm leadership.
- Butwin attributed the decline to the conclusion of a handful of major matters, noting that inventory for 2024 is trending up.
- The firm's strong cash flow position allowed it to offer larger fixed payments to junior partners in lieu of bigger year-end profit distributions.
After several years of aggressive growth for O'Melveny & Myers, which added 46 lateral partners between 2021 and 2022 and posted a 12.4% increase in gross revenue in 2022, financial performance dipped in 2023 with a 3.6% decrease in revenue.
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