Pat Whalen, chair and managing partner, Spencer Fane. Courtesy photo Spencer Fane Notches 16.5% Topline Growth as Firm Seeks Out More Markets
Lateral partners are paid the same as they would be if they were in the equity tier, so they're not serving as "de facto leverage" for the existing equity partners, noted the firm's leader.
April 05, 2024 at 04:05 PM
4 minute read
Law Firm Profitability
What You Need to Know
- It's 'more likely than not' the firm will be involved in some kind of combination over the next 12 months, said firm chair Pat Whalen.
- Whalen said it wasn't one practice or one matter that stood out, but 'broad-based' performance that led to 2023 financial growth.
- 'It's just clients and talent, increasingly attracted to our firm,' he said.
Broad-based practice growth and new investments in places such as Southern California helped Spencer Fane grow its topline by 16.5% to $266.8 million last year. The firm's revenue per lawyer and profits per partner also increased by roughly 8% each.
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