Patrick Smith

Patrick Smith, based in New York, covers the business of law, including the ways law firms compete for clients and talent, M&A and corporate work, leadership and marketing innovation. Reach him at [email protected] or on Twitter at @nycpatrickd

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March 28, 2024 | The American Lawyer

Schulte Rides Private Capital Matters to 7% Revenue Growth as PEP Dips Amid Firm Investments

As the firm's equity-only partnership expanded 13% to 78 partners last year, the firm's profits per partner dipped 7.7% to $3.34 million,

By Patrick Smith

5 minute read

March 26, 2024 | The American Lawyer

Deal Watch: Wachtell, Skadden, Cleary Land on Big Healthcare Deals; Dealmakers Stay Optimistic

"People are more open to looking at M&A transactions," said Linklaters' George Casey. With inflation getting under control and the Fed expecting lower rates, "you can start thinking how you can finance."

By Patrick Smith

9 minute read

March 25, 2024 | The American Lawyer

Mintz Sees Revenue Hit All-Time High as Profits Dip Amid Office Expansion

"Our profits per equity partner were down, but we baked that in," said Robert Bodian. "That reflects a significant investment in Toronto and Miami, and we finance everything through our profits."

By Patrick Smith

5 minute read

March 25, 2024 | Law.com

Womble Bond Dickinson US CEO Betty Temple on All That Lateral Growth. And How to Control It.

In this week's Legal Speak episode, Womble Bond Dickinson U.S. CEO Betty Temple discusses how her firm has gone about vetting and integrating lateral candidates to fuel the firm's growth strategy.

By Patrick Smith | Cedra Mayfield

1 minute read

March 22, 2024 | The American Lawyer

Fried Frank Crosses $1B in Revenue as PEP Soars 21% and Equity Tier Declines

"There was no plan for mass de-equitization," said chair Kenneth Rosh. "We do manage it [the partnership], and there were some laterals who left and some retirements."

By Patrick Smith

6 minute read

March 21, 2024 | The American Lawyer

At Goodwin, Growth Investments Scuttle Profits While Revenue Ticked Up

Despite a higher head count in 2023, Goodwin said it did not plan on any force reductions in 2024.

By Patrick Smith

5 minute read

March 20, 2024 | The American Lawyer

Tech Transactions Took a Beating the Last Two Years. But These Law Firms Are Staying the Course

Interviews with leaders at tech law firms don't indicate a shift in strategy. And despite all the layoffs, their financial results and trajectories in the rankings show how they are keeping pace in the industry.

By Patrick Smith

10 minute read

March 18, 2024 | The American Lawyer

Deal Watch: Big Energy and Pharma Deals Continue to Drive M&A

Five of the six announced deals over $1 billion in the last week occurred in either the life sciences or energy sector.

By Patrick Smith

10 minute read

March 18, 2024 | The American Lawyer

In Year of 'Difficult Decisions,' Perkins Coie Grows Revenue 4% and PEP 7.6%

Perkins Coie saw both associate deferrals and layoffs in 2023. "We bent the curve on cost and delivered some excellent results for our partners," said chair Bill Malley.

By Patrick Smith

5 minute read

March 18, 2024 | The American Lawyer

Paul Hastings Lands Goodwin PE Partner as New Vice Chair of Private Equity

Josh Ratner's move from Goodwin to Paul Hastings follows others, including a group of private equity attorneys led by Scott Joachim last year in Palo Alto.

By Patrick Smith

4 minute read

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Legal Speak is a weekly podcast that makes sense of what’s happening in the legal industry.