Steptoe offices in Washington, D.C. Photo by Diego M. Radzinschi/ALM Steptoe's Revenue Grew 13% Amid Lateral Expansion and Rising Litigation Demand
Even as the equity tier expanded and the firm's profits per equity partner rose about 16% to $1.91 million. And amid lateral growth, Steptoe's total full-time equivalent head count rose about 4% to around 396 lawyers last year and revenue per lawyer climbed more than 8% to $1.2 million.
February 14, 2024 at 11:14 AM
4 minute read
Law Firm Profitability
What You Need to Know
- Steptoe increased its revenue and profitability last year.
- Steptoe Chair Gwen Renigar said the firm is focused on steady growth.
- In light of gross revenue growth, the firm made a roughly $30 million prepayment on 2024 expenses.
Washington, D.C.-based Steptoe saw double-digit revenue and net income growth, expanding its gross revenue by 13.4% to $493 million, while its net income rose about 24% in 2023, according to preliminary financial reporting by The American Lawyer.
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