Venable Keeps Up Steady Growth as Revenue, Profits Rise
The firm cracked half-a-billion dollars in gross revenues amid a leadership change last year.
February 27, 2018 at 02:55 PM
3 minute read
Venable has once again kept its place among the small group of Am Law 100 firms that haven't endured a single year of profitability or per-lawyer revenue declines over the last decade.
Gross revenue at the firm grew 8.4 percent last year, reaching nearly $540.5 million. Revenue per lawyer increased more than 4 percent, to $850,000, and profits per partner ticked up more than 3 percent to $1.134 million. The firm added 25 lawyers overall and expanded its equity partnership by one partner.
Dan Moylan, Venable's D.C.-based co-managing partner, said the firm's financial success over the last decade boils down to its lawyers maintaining longstanding relationships that have been lucrative and fruitful. He pointed especially to the firm's work representing CMBS special servicers and its products liability and tax and wealth planning practices as growth drivers.
Donald Trump's arrival in the White House and the Republicans' control of more than 30 governors' mansions nationwide have had a big impact on the firm.
Former Venable chairman James Shea left the Baltimore-founded firm in February 2017 after 23 years in the firm's leadership to run for governor in Maryland. Shea, a campaign novice and Democrat, was motivated to challenge Republican Gov. Larry Hogan's grip on the state in part by Shea's animosity for Trump.
Since Shea's departure, Moylan said he and others in Venable's leadership—including new chair Stuart Ingis—have looked to maintain Shea's leadership style within the firm.
“I would say the change has been more of an evolution than a revolution,” Moylan said.
Another Venable lawyer who left last year has already returned to the firm. Daris Meeks exited Venable in early 2017 to join Vice President Mike Pence's staff as a top domestic policy adviser. Meeks spent less than a year with the vice president before leaving earlier this month to return to Venable's legislative and governmental affairs practice, which is led by former U.S. Sen. Mark Pryor, D-Arkansas.
“With any change in administration, you see some impact across practice areas. but at the end of the day what we've seen is our government group continue to be very successful,” Moylan said.
Among the firm's other notable hires in the previous year, its regulatory practice in New York added Michael Blume, who previously led the Justice Department's consumer protection branch, and Peter Kadzik, former Justice Department assistant attorney general in the office of legislative affairs, joined Venable's government division in Washington.
Venable also brought on Cindy Lewin, former executive vice president and general counsel of AARP, to work in its nonprofit organizations practice in Washington.
Meanwhile, the state attorneys general group has been kept busier since Trump's election, particularly in California and New York, according to Moylan. Uncertainty within the Trump administration's Consumer Financial Protection Bureau has also created business for Venable at the state level.
At this time last year, Venable was preparing to move into its current offices in downtown Washington near K Street. Looking ahead at 2018, Moylan is forecasting a year of growth in New York, San Francisco and Los Angeles, with less of an emphasis on Washington and its Baltimore base. Moylan said he expects 2018 to produce nearly identical results to 2017, despite the uncertainty in government.
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