While some Second Hundred and midsize firms are struggling to increase revenue in the competitive New York market, Herrick Feinstein, with about 132 attorneys, has found a formula to rebound after two years of slipping revenue and profits per partner.
Three years ago, when Wall Street firms were climbing to their highest profits per partner since the recession, Herrick’s finances dipped, and the firm was approached for merger talks. But last year Herrick came back, thanks to strong billable hours and serious cost control. Gross revenue shot up 9.5 percent, to $115.5 million, and profits per partner jumped 39.5 percent, to $900,000. Revenue per lawyer rose 12.9 percent, to $875,000.
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