Philadelphia-based Cozen O’Connor increased its profits at a steady pace in 2020 that fell in line with recent years’ growth, with profits per equity partner up more than 6% from 2019, even as its gross revenue growth slowed compared to recent years.
CEO Michael Heller said a diversity of practice areas and strong balance sheet heading into 2020 braced the Big Law firm for the pandemic’s economic challenges and provided the resources to grow on a similar course as in previous years—increasing total lawyer head count, onboarding major lateral partners, pre-paying 2021 expenses and ending the year with significant bonus payments.
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