McGuireWoods Boosts Revenue as Partner Profits Stay Steady
The firm ended 2017 with two new leaders and $30 million more in revenue than the prior year.
March 21, 2018 at 02:31 PM
4 minute read
Revenue grew by close to 5 percent in 2017 at McGuireWoods, which welcomed a pair of new leaders at the end of the year.
Gross revenue at the Richmond, Virginia-based firm climbed more than $30 million, to $715.4 million, with revenue per lawyer rising 2.5 percent to $707,000. Profits per partner increased 1.6 percent, to $1.02 million, as the size of the equity partnership remained static at 184 equity partners.
The total number of lawyers at the firm grew by little more than 2 percent, to 1,012.
The biggest personnel news of the year came in December, when McGuireWoods installed Jon Harmon as chairman and J. Tracy Walker as managing partner.
Harmon is the first minority ethnicity chairman of the firm and the latest addition to a small group of African-Americans leading Am Law 100 firms. He will likely become the sole African-American leader of a Am Law 100 firm in April, after Husch Blackwell's Maurice Watson steps down.
Walker said Harmon's minority status is “important” because diversity is highly valued by the firm, but he cited Harmon's credentials as an outstanding leader and attorney above all.
Asked about the reasoning for the new leadership he and Harmon were bringing to McGuireWoods, Walker said, “It was just time for a change.”
“We don't have contested elections, at least we haven't to date,” Walker said of the consensus-building process that led to his and Harmon's selection.
Walker is taking over for Tom Cabaniss, who served as managing partner for 11 years, and Harmon is replacing Richard Cullen, who took charge of the firm in 2006.
Cullen is representing Vice President Mike Pence in relation to the ongoing probes of Donald Trump's 2016 presidential campaign's connections with Russian officials. Walker said Cullen's representation of Pence did not play a role in the firm's leadership changes.
Walker and Harmon are in the process of developing a new three-year strategic plan, and Walker would not give any hints about how the firm expects to maneuver in the coming years.
Walker said the firm's financial growth in the past year was triggered, in part, by its addition of new client Olympus, which manufactures gastrointestinal endoscopy products. He added that the firm's transactional side had “a really great year” and pointed to its representation of Dominion Energy in its 2018 combination with SCANA, a merger valued at $14.6 billion.
McGuireWoods also touted the addition of three real estate finance partners in New York, four debt finance partners in San Francisco, and the addition of a fintech partner and data privacy and security partner in Charlotte, North Carolina. Walker said he had no specific details to offer about whether the firm would open new offices in the coming year—as it did in San Francisco in 2016—but that could change in six months or a year.
Walker was also mum on the firm's upcoming hiring efforts. When asked whether the firm would look to bring back former FBI director James Comey, he said he was not aware of any attempt to do so, but called Comey a “great guy and a good friend of our firm.” Cullen, the former McGuireWoods chairman, recruited Comey to McGuireWoods in 1993 and is reportedly the godfather of one of Comey's daughters.
Comey traded jabs with President Donald Trump on Twitter over the weekend and is preparing to release a book next month in the aftermath of Trump's decision to fire him as head of the FBI.
Correction: An earlier version of this story misattributed some statements to Jon Harmon that were made by J. Tracy Walker. We regret the error.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
NOT FOR REPRINT
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
You Might Like
View AllHow Big Law Congressional Investigation Practices Will Stay Busy in 2025
5 minute readBig Law Practice Leaders 'Bullish' That Second Trump Presidency Will Be Good for Business
3 minute readFrom Guaranteed Comp to Ethics Screens, How Big Law Navigates the Revolving Door
7 minute read'Everybody Is Holding Their Breath': Big Law Lobbying Businesses See Mixed Earnings in Q3
3 minute readTrending Stories
- 1Gibson Dunn Sued By Crypto Client After Lateral Hire Causes Conflict of Interest
- 2Trump's Solicitor General Expected to 'Flip' Prelogar's Positions at Supreme Court
- 3Pharmacy Lawyers See Promise in NY Regulator's Curbs on PBM Industry
- 4Outgoing USPTO Director Kathi Vidal: ‘We All Want the Country to Be in a Better Place’
- 5Supreme Court Will Review Constitutionality Of FCC's Universal Service Fund
Who Got The Work
Michael G. Bongiorno, Andrew Scott Dulberg and Elizabeth E. Driscoll from Wilmer Cutler Pickering Hale and Dorr have stepped in to represent Symbotic Inc., an A.I.-enabled technology platform that focuses on increasing supply chain efficiency, and other defendants in a pending shareholder derivative lawsuit. The case, filed Oct. 2 in Massachusetts District Court by the Brown Law Firm on behalf of Stephen Austen, accuses certain officers and directors of misleading investors in regard to Symbotic's potential for margin growth by failing to disclose that the company was not equipped to timely deploy its systems or manage expenses through project delays. The case, assigned to U.S. District Judge Nathaniel M. Gorton, is 1:24-cv-12522, Austen v. Cohen et al.
Who Got The Work
Edmund Polubinski and Marie Killmond of Davis Polk & Wardwell have entered appearances for data platform software development company MongoDB and other defendants in a pending shareholder derivative lawsuit. The action, filed Oct. 7 in New York Southern District Court by the Brown Law Firm, accuses the company's directors and/or officers of falsely expressing confidence in the company’s restructuring of its sales incentive plan and downplaying the severity of decreases in its upfront commitments. The case is 1:24-cv-07594, Roy v. Ittycheria et al.
Who Got The Work
Amy O. Bruchs and Kurt F. Ellison of Michael Best & Friedrich have entered appearances for Epic Systems Corp. in a pending employment discrimination lawsuit. The suit was filed Sept. 7 in Wisconsin Western District Court by Levine Eisberner LLC and Siri & Glimstad on behalf of a project manager who claims that he was wrongfully terminated after applying for a religious exemption to the defendant's COVID-19 vaccine mandate. The case, assigned to U.S. Magistrate Judge Anita Marie Boor, is 3:24-cv-00630, Secker, Nathan v. Epic Systems Corporation.
Who Got The Work
David X. Sullivan, Thomas J. Finn and Gregory A. Hall from McCarter & English have entered appearances for Sunrun Installation Services in a pending civil rights lawsuit. The complaint was filed Sept. 4 in Connecticut District Court by attorney Robert M. Berke on behalf of former employee George Edward Steins, who was arrested and charged with employing an unregistered home improvement salesperson. The complaint alleges that had Sunrun informed the Connecticut Department of Consumer Protection that the plaintiff's employment had ended in 2017 and that he no longer held Sunrun's home improvement contractor license, he would not have been hit with charges, which were dismissed in May 2024. The case, assigned to U.S. District Judge Jeffrey A. Meyer, is 3:24-cv-01423, Steins v. Sunrun, Inc. et al.
Who Got The Work
Greenberg Traurig shareholder Joshua L. Raskin has entered an appearance for boohoo.com UK Ltd. in a pending patent infringement lawsuit. The suit, filed Sept. 3 in Texas Eastern District Court by Rozier Hardt McDonough on behalf of Alto Dynamics, asserts five patents related to an online shopping platform. The case, assigned to U.S. District Judge Rodney Gilstrap, is 2:24-cv-00719, Alto Dynamics, LLC v. boohoo.com UK Limited.
Featured Firms
Law Offices of Gary Martin Hays & Associates, P.C.
(470) 294-1674
Law Offices of Mark E. Salomone
(857) 444-6468
Smith & Hassler
(713) 739-1250