Shutts & Bowen Posts 11 Percent Growth in Revenue and Profits Amid Increased Head Count
2018 marks the fifth straight year of growth for the Florida firm.
February 07, 2019 at 06:22 PM
3 minute read
|
Florida firm Shutts & Bowen saw both its gross revenue and its profits per equity partner grow nearly 11 percent in 2018 amid the addition of 42 attorneys to its ranks.
While revenue per lawyer grew only 5.1 percent—from $606,000 per lawyer to $637,000—profits per equity partner jumped 10.5 percent, from $790,000 to $873,000. And gross revenue increased 10.6 percent, from $156 million to $172 million.
Bowman Brown, chairman of the firm's executive committee, attributes the accelerated profit growth to low marginal costs and star hires such as IP attorney Steven Greenberg.
“[Greenberg] has overseen 5,000 patent applications,” said Brown. “One thing we do well is control costs,” adding that the firm did not have an increase in marginal costs for its new hires, as the firm already had the space and infrastructure needed for the dozens of new attorneys.
Overall, 2018 was a strong year for law firms. Law firm survey data collected by Wells Fargo reported average revenue growth of 5.9 percent and average net income growth of 7.6 percent—the best year since the Great Recession.
Shutts & Bowen has climbed up the AmLaw200 ladder for five consecutive years, from No. 174 in 2014 to No. 162 in 2018.
In 2013, the firm had 230 attorneys, according to ALM's Legal Compass. Today, the total head count stands at 270. Total revenue has also followed a similar growth pattern: from $128 million per year in 2014 to $172 million in 2018.
Over that same period, the firm added three more offices in Sarasota, Jacksonville and Tallahassee. Brown pointed to Tallahassee as a particular bright spot, as the office picked up former deputy general counsel to Gov. Rick Scott, Benjamin Gibson, and senior deputy solicitor general to Pam Bondi, Rachel Nordby.
Brown expects the firm to hire at a similar clip in 2019, though he “doesn't have a numerical target.” The firm is targeting laterals in specialty practices including IP, financial services and high-end commercial real estate.
With the threat of a recession looming, Shutts' policy of paying down all its outstanding end-of-year debt has put it in a good position, Brown said. While the firm raised billing rates around 3 percent, Shutts' rates are still low compared its peers, he said, giving it a competitive advantage and keeping its realization rate higher.
“We bill less but collect more,” he said.
|Related Stories:
More Evidence Rolls In: Law Firms Boosted Revenues, Profits in 2018
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
NOT FOR REPRINT
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
You Might Like
View AllBig Law Practice Leaders 'Bullish' That Second Trump Presidency Will Be Good for Business
3 minute readFla.'s Statute of Limitations and Statutes of Repose in Med Mal Cases: It's Not Over Until It's Over
6 minute readTrending Stories
- 1Infant Formula Judge Sanctions Kirkland's Jim Hurst: 'Overtly Crossed the Lines'
- 2Election 2024: Nationwide Judicial Races and Ballot Measures to Watch
- 3Guarantees Are Back, Whether Law Firms Want to Talk About Them or Not
- 4How I Made Practice Group Chair: 'If You Love What You Do and Put the Time and Effort Into It, You Will Excel,' Says Lisa Saul of Forde & O'Meara
- 5Abbott, Mead Johnson Win Defense Verdict Over Preemie Infant Formula
- 6How Much Does the Frequency of Retirement Withdrawals Matter?
Who Got The Work
Michael G. Bongiorno, Andrew Scott Dulberg and Elizabeth E. Driscoll from Wilmer Cutler Pickering Hale and Dorr have stepped in to represent Symbotic Inc., an A.I.-enabled technology platform that focuses on increasing supply chain efficiency, and other defendants in a pending shareholder derivative lawsuit. The case, filed Oct. 2 in Massachusetts District Court by the Brown Law Firm on behalf of Stephen Austen, accuses certain officers and directors of misleading investors in regard to Symbotic's potential for margin growth by failing to disclose that the company was not equipped to timely deploy its systems or manage expenses through project delays. The case, assigned to U.S. District Judge Nathaniel M. Gorton, is 1:24-cv-12522, Austen v. Cohen et al.
Who Got The Work
Edmund Polubinski and Marie Killmond of Davis Polk & Wardwell have entered appearances for data platform software development company MongoDB and other defendants in a pending shareholder derivative lawsuit. The action, filed Oct. 7 in New York Southern District Court by the Brown Law Firm, accuses the company's directors and/or officers of falsely expressing confidence in the company’s restructuring of its sales incentive plan and downplaying the severity of decreases in its upfront commitments. The case is 1:24-cv-07594, Roy v. Ittycheria et al.
Who Got The Work
Amy O. Bruchs and Kurt F. Ellison of Michael Best & Friedrich have entered appearances for Epic Systems Corp. in a pending employment discrimination lawsuit. The suit was filed Sept. 7 in Wisconsin Western District Court by Levine Eisberner LLC and Siri & Glimstad on behalf of a project manager who claims that he was wrongfully terminated after applying for a religious exemption to the defendant's COVID-19 vaccine mandate. The case, assigned to U.S. Magistrate Judge Anita Marie Boor, is 3:24-cv-00630, Secker, Nathan v. Epic Systems Corporation.
Who Got The Work
David X. Sullivan, Thomas J. Finn and Gregory A. Hall from McCarter & English have entered appearances for Sunrun Installation Services in a pending civil rights lawsuit. The complaint was filed Sept. 4 in Connecticut District Court by attorney Robert M. Berke on behalf of former employee George Edward Steins, who was arrested and charged with employing an unregistered home improvement salesperson. The complaint alleges that had Sunrun informed the Connecticut Department of Consumer Protection that the plaintiff's employment had ended in 2017 and that he no longer held Sunrun's home improvement contractor license, he would not have been hit with charges, which were dismissed in May 2024. The case, assigned to U.S. District Judge Jeffrey A. Meyer, is 3:24-cv-01423, Steins v. Sunrun, Inc. et al.
Who Got The Work
Greenberg Traurig shareholder Joshua L. Raskin has entered an appearance for boohoo.com UK Ltd. in a pending patent infringement lawsuit. The suit, filed Sept. 3 in Texas Eastern District Court by Rozier Hardt McDonough on behalf of Alto Dynamics, asserts five patents related to an online shopping platform. The case, assigned to U.S. District Judge Rodney Gilstrap, is 2:24-cv-00719, Alto Dynamics, LLC v. boohoo.com UK Limited.
Featured Firms
Law Offices of Gary Martin Hays & Associates, P.C.
(470) 294-1674
Law Offices of Mark E. Salomone
(857) 444-6468
Smith & Hassler
(713) 739-1250