Michael Martz, managing partner of Vorys Sater Seymour Pease. Courtesy photo As Firm Expenses Grew by $15M, Vorys' Revenue Rose but Profits Declined
The firm's expense growth was driven by investments in new ancillary businesses, as well as overhead for new firm offices, lawyer compensation and inflation, said Michael Martz, Vorys managing partner.
February 22, 2024 at 12:57 PM
3 minute read
Law Firm Profitability
What You Need to Know
- The firm's top line gross revenue increased by a little more than 4% to $231 million.
- Firm expense growth was fueled largely by two new ancillary businesses, as well as lawyer compensation, new offices, among other expenses.
- The firm is anticipating expense growth to fall back to typical levels in 2024 and is hoping to increase profitability, according to Michael Martz.
Vorys Sater Seymour and Pease's gross revenue rose 4% last year to $231 million, but net income and profits per equity partner each declined as the Am Law 200 firm's expense load took a toll, according to preliminary financial reporting by The American Lawyer.
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