Gary Wingens, managing partner of Lowenstein Sandler. Courtesy photo Lowenstein Sandler Sees Double-Digit Drops After Contingency-Aided 2022
Core revenue increased from the previous year if contingency fees are removed from the equation, according to chairman and managing partner Gary Wingens. The firm is also poised to bring on a new chief operating officer, Goodwin Procter veteran Michael Caplan.
March 22, 2024 at 05:02 PM
4 minute read
Law Firm Profitability
What You Need to Know
- Lowenstein Sandler saw notable drops in revenue and profitability as the firm did not see a contingency fee windfall like it did in 2022.
- Lowenstein is not the only firm whose financials were impacted by a fluctuation in contingency fee income.
- The firm is bringing on a new COO next week, looking for the new leader to help hone the firm's AI strategy in 2024.
With double-digit dips in gross revenue, net income and profits per partner, Lowenstein Sandler's 2023 financials took a hit after an unrepeated contingency fee windfall supercharged its 2022 results.
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