Cozen O'Connor offices in Washington, D.C. Photo: Diego M. Radzinschi/ALM Cozen O'Connor Sees Modest Growth in 2023, Owing to Diversified Revenue Stream
The firm's revenues climbed by 5.5% to hit $653 million. "We're not looking for a business that's up 20% in the good years and down 8% in the bad years," explained firm chairman Michael Heller.
March 07, 2024 at 12:26 PM
6 minute read
What You Need to Know
- Cozen O'Connor continued a 10-year streak of growth, tacking on $34 million to its gross revenue in 2023.
- The firm's nonequity partner tier also grew sharply in 2023, increasing by 8.7%
- The firm is anecdotally beginning to see returns on its RTO policy and leaders will look at the specific attendance numbers at the end of March.
Continuing on a decade-long path of "steady, sustainable, strategic growth," Cozen O'Connor booked a 5.5% increase in gross revenue in 2023, boosting its top line by about $34 million to just over $653 million.
Boasting an intentionally diversified practice mix and income stream, the firm also fleshed out its nonequity tier, seeing an 8.7% jump in nonequity partner head count and a 4.5% overall increase in the partnership tier. Despite this growth, the firm delivered a 2% increase in profits per equity partner (PEP), coming in at $1.139 million.
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