Seven Florida firms in the Am Law 200 rankings consistently outperformed national averages in revenue and profit growth, with every single firm posting financial boosts in 2019.

The average revenue growth of these firms — GrayRobinson, Shutts & Bowen, Carlton Fields; Greenspoon Marder, Akerman, Greenberg Traurig and Holland & Knight — was 7%. Their average revenue per lawyer growth was 4.3%, and average profits per equity partner growth of 9.7% in 2019.

Meanwhile, the national Am Law 200 average for 2019 was 5.3% revenue growth, 2.7% revenue per lawyer growth and 4.8% profits per equity partner growth. Florida firms saw nearly double the growth of their national peers. And not one Florida firm saw its revenues dip.

Holland & Knight had a standout 2019. It saw the greatest revenue jump, 12.2%, and was in the top three among Florida firms in revenue per lawyer growth (5.6%) and profits per equity partner (10%).

In a February interview about the firm's financials, Holland & Knight managing partner Steven Sonberg pinned the firm's success on focusing on the U.S. market, specifically middle-market M&A work and the Latin America market. The firm has yet to break into the European and Asian market as fellow Am Law 100 firm Greenberg Traurig has.

"That focus was to maintain a concentrated effort on the U.S. market as well as Latin America and not getting distracted by looking east and west," Sonberg said in the February interview. "That strategy has worked very well for us."

Meanwhile, Greenspoon Marder boasted the greatest percentage growth in profit and revenue per lawyer. For the first time, the firm established a non-equity partner tier, which pushed profits per equity partner up 29%, from $546,000 to $704,000, and revenue per lawyer up 8.7%, from $656,000 to $713,000.

It is unclear whether the 14 new non-equity partners were de-equitized. Greenspoon did not respond to a request for comment.

Carlton Fields saw strong growth in both profits and revenue, ranking in the top three in each, and Greenberg Traurig posted another growth year with revenues topping $1.65 billion.

Shutts & Bowen saw revenues climb 6.5%, from $172.1 million to $183.3 million. Matters continued to roll in from firm clients including Blackstone, KKR and Northwestern Mutual Life Insurance Co. Akerman also turned in a strong performance in fiscal 2019, reporting gross revenue growth of 7.7%, to $436.1 million, as profits per equity partner increased by 3% to $695,000.

The Am Law 200 rankings saw a new Florida firm this year: insurance defense firm Cole, Scott & Kissane. With 477 lawyers, the firm in 2019 posted $167 million in gross revenue, putting it at No. 163 in the Am Law 200 rankings. The firm's revenue per lawyer stood at $350,000.

According to the Am Law 200 data, only one Florida Am Law 200 firm failed to broach 1% revenue growth: GrayRobinson. The firm saw revenues increase 0.6%, from $155.2 million to $156.1 million, capping off the second-straight year of low revenue growth.

GrayRobinson president and managing Dean Cannon, who took over in August from Orlando-based partner Mayanne Downs, said the firm's sluggish top-line growth is a continuation of the firm's strategy to be agile and flexible.

"Our goal, of course, is to focus on profitability and size," Cannon told the DBR for the annual Review 100 special report on the largest law firms in Florida.

GrayRobinson has seen steady growth in profits. It profits per equity partner grew 4.7%, from $464,000 to $486,000. Revenue per lawyer grew 3.2%, from $562,000 to $580,000.

Under Downs' leadership, gross revenue fell 0.8% in 2018 while PEP and RPL saw 7.2% and 6.6% growth, respectively.

Cannon added that the focus on profit margins and decreasing head count and overhead has served it well amid the pandemic. The firm has yet to institute and pay cuts or layoffs — although it did institute a 10% temporary cut to partner draws.

"These numbers reflect our continued emphasis on profitability per partner and per lawyer and our long-term plan for smart growth," Cannon said, "especially now that we're facing the economic uncertainty in the profession."

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