Mergers boost Reed Smith revenues by 40%
Legal Week reports
February 26, 2004 at 07:03 PM
2 minute read
Reed Smith has chalked up 40% growth in turnover for 2003 after securing a series of ambitious mergers.
The 1,000-lawyer US firm saw 2003 revenue soar to $441m (£233.9m), up 40% from 2002′s total of $314m (£166.5m).
The increase outpaces West Coast firms such as Heller Ehrman White & McAuliffe and Wilson Sonsini Goodrich & Rosati, as well as New York leaders Cadwalader Wickersham & Taft and Willkie Farr & Gallagher.
Partner profits rose by 13% to hit $558,000 (£295,940), against the previous year's figure of $495,000 (£262,530).
The major driver for growth has been two years of domestic and international expansion, which has seen Reed Smith hire a 26-lawyer team from New York's Parker Duryee Rosoff & Haft, as well as merge with Virginia's Hazel & Thomas, New York's McAulay Nissen Goldberg & Kiel and London's Warner Cranston.
In addition, the Pittsburgh firm's merger with 215-lawyer Californian practice Crosby Heafey Roach & May went live on 1 January, 2003.
The firm has continued its policy of expansion in 2004 with the firm securing the takeover of New York advertising and marketing boutique Hall Dickler and Washington DC IP specialists Shanks & Herbert.
Reed Smith managing partner Gregory Jordan told Legal Week: "The results follow from our strategy and is the first year after we integrated the Crosby merger. That has shown immediate benefits and we have been able to generate $20m (£10.7m) from new clients as a result of the deal."
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