J. Tracy IV Walker, managing partner of McGuireWoods. Courtesy photo 'Steady Year in a Turbulent Market': McGuireWoods Surpasses $1B in Gross Revenue
McGuireWoods benefited from rate increases and also embraced alternative fee arrangements, including "very significant enterprise-wide flat fee type arrangements" and blended rates, said the managing partner.
February 23, 2024 at 12:14 PM
4 minute read
Law Firm Profitability
What You Need to Know
- McGuireWoods gross revenue rose by more than 4% to $1.02 billion in 2023.
- The firm's profits per equity partner was up 5%, while its net income grew 1.1%.
- The firm instituted billing rate increase more than 3% last year and kept lawyer headcount relatively flat.
McGuireWoods' growth remained steady despite depressed demand in 2023, with the firm surpassing the $1 billion mark in gross revenue for the first time. The firm's gross revenue rose by more than 4% to $1.02 billion last year.
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