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Experts consistently tout Florida as one of the fastest growing legal markets in the country — spurred by a growing economy and (comparatively) bargain rates that continue to beckon global firms and stimulate growth in Florida-native law firms.

Florida firms in the lower half of the AmLaw200 saw an average 6.2% increase in gross revenue and 6.3% increase in profits per equity partner — nearly double the national average in revenue growth (3.1%) and more than twice the average in profits per partner (2.8%).

In terms of sheer revenue, though, none of the firms cracked the top 50.

Three of the firms — Carlton Fields, Shutts & Bowen and Greenspoon Marder — jumped multiple spots up the Am Law 200 list. GrayRobinson dropped, though the Orlando-based firm saw a significant increase in profits.

Carlton Fields led the pack in profit per partner, with a year-on-year growth of 15.5% — the 11th highest increase among all Am Law 200 firms. The firm jumped two spots in the rankings, from No. 156 to No. 154.

Carlton Fields CEO and president Gary Sasso attributed the rapid profit growth to a mix of strong attorney and staff hires and taking deliberate steps to value quality over growth.

“We're not trying to be a mega-firm,” Sasso said in a March interview, adding that the firm has turned down multiple merger and acquisition offers in recent years. “Firms over 500 attorneys have problems with scale and conflicts of interest, and I think our strategy has been paying off.”

Greenspoon, meanwhile, is in full growth mode, increasing its revenue by 13%, from $134.7 million to $152.2 million. The firm also grew its head count by double digits—14 percent—bringing the total lawyer head count from 203 to 232. It jumped five spots to 167th, the greatest leap among the Florida Am Law 200.

The firm opened a California office with six attorneys in April of last year, doubling its head count by the end of 2018. The New York office adding 11 more attorneys, and Miami's head count grew by four.

The rapid growth came at a cost to the firm's profitability though, as the firm posted a 13% drop in revenue per lawyer.

Shutts & Bowen, the second largest firm by revenue out of the four, landed somewhere in the middle. The firm saw double-digit growth in both revenue and profits — 10.6% and 10.5% respectively. In fact, Shutts has climbed the AmLaw200 ladder for five consecutive years, from No. 174 in 2014 to No. 162 in 2018.

GrayRobinson is the only outlier in this group, dropping six spots from No. 161 to No. 167. The firm posted a slight dip of 0.8% in revenue growth as its head count contracted from 297 to 276.

But according to GrayRobinson president Mayanne Downs, the declines were intentional. In a March interview, Downs pointed to the firm's 7.2% growth in profits per equity partner — more than double the national average of 3.5% — as evidence of the firm's strategy of leanness.

“Our head count has gone down from 297 to 276, yet our revenue has been reduced very little,” she said. “When you can grow your profits per partner, when you can streamline your organization while preserving revenue growth, it feels good for everybody. … We've never sought to be the largest law firm.”

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