While some midsize firms are struggling to grow revenue and stabilize in the competitive New York market, Herrick Feinstein, with about 138 attorneys, has found a formula to rebound after two years of slipping revenue and profits per partner.
About three years ago, when Wall Street law firms were climbing to their best profits since the recession, Herrick’s finances dipped, and the firm was approached for merger talks. But by 2015, it came back with a 40 percent improvement in profits, based on strong billable hours and serious cost control.
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