Matthew Taylor of Duane Morris. Courtesy photo Duane Morris Sees 16th Straight Year of Revenue Growth, but Profits Lagged
Chairman and CEO Matt Taylor pinned the 3.6% dip on pressures on transactional work.
March 13, 2024 at 05:47 PM
4 minute read
Law Firm Management
What You Need to Know
- Duane Morris saw moderate revenue growth and profit contraction in 2023, with firm chairman and CEO Matthew Taylor attributing the mixed results to a soft transactional market.
- 2023 marks the firm's 16th year of consistent revenue growth, with rate increases, strong realization, and trial work demand bolstering the firm's results.
- The firm has also been reconsidering its footprint, relocating almost nine offices in 2023 and the start of 2024, translating into millions in savings for the firm.
Revenue at Duane Morris inched upward in 2023, while the firm's profits per equity partner shrunk as the firm continued to face transactional headwinds from 2022, contracting by 3.6% to hit $1.18 million.
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