Am Law 100: Mintz Levin forecasts 14% revenue rise
US firm says revenue in this financial year will reach $360m, in what it is anticipating will be its most profitable year in history
March 18, 2016 at 05:44 AM
3 minute read
Mintz Levin Cohn Ferris Glovsky and Popeo has forecast that it expects revenue to rise 14% in its current financial year as investment in a raft of lateral hires starts to pay off.
Though the firm does not close its books until 2 April, Mintz Levin is projecting that it will end its current fiscal year with $360m (£249m) in revenue, a 14% increase over the prior year.
The firm expects profit per partner to rise 11.5% to $1.07m (£742,000), while revenue per lawyer will increase 6% to $805,000 (£557,000).
If the firm meets these figures, it will have been the most profitable year in its history, according to managing partner Robert Bodian.
"It wasn't just one month that spiked," he said. "It was sort of consistent month to month."
Last year, the now 447-lawyer firm hired 18 intellectual property (IP) lawyers from Edwards Wildman Palmer ahead of that firm's merger with Locke Lord. Mintz Levin also brought on Mark Robinson, the former co-chair of the white-collar investigations group at Bingham McCutchen, the bulk of which was absorbed by Morgan Lewis & Bockius.
Bodian said the addition of the IP group was a boost for Mintz Levin, though he estimated that the corporate group came out slightly ahead as the firm's most profitable practice area. Overall, the firm added 11 lateral partners during the fiscal year ending next month, which doesn't include the Edwards Wildman moves.
The lateral push over the past year and a half, which has also included additions to Mintz Levin's tax and health care groups, came after the firm conducted a two-year strategic review in which the partnership decided to focus on life sciences, health care, technology and communications.
The firm is still in growth mode, according to Bodian. He said he's made offers to seven laterals in the last six weeks, and all but one have accepted. Bodian didn't name the lawyers involved, but two are tax specialists, he said.
"I do think we can grow by another 100 lawyers to service our clients and increase our revenue and profitability," Bodian said.
Legal Week was acquired by The American Lawyer publisher ALM in January. This report is part of ALM's early coverage of 2015 financial results of The Am Law 100. Final rankings and full results for The Am Law 100 will be published in The American Lawyer's May 2016 issue and on AmericanLawyer.com. Click here to read more from The American Lawyer.
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