Lou Petroni of Montgomery McCracken Walker & Rhoads. Courtesy photoMontgomery McCracken Touts 'Record' Financial Performance Despite Shrinking Head Count
Even as the Philadelphia-based firm delivered healthy numbers, it went from 91 attorneys in 2023 to about 79 in 2024. Most recently, co-chair Ashley Lynam left for Morgan, Lewis & Bockius.
January 21, 2025 at 06:09 PM
6 minute read
What You Need to Know
- Despite facing head count shrinkage over the past two years, Montgomery McCracken Walker & Rhoads is coming off of a record-breaking 2024 in terms of revenue and profitability, according to the firm's chairman.
- Most recently, the firm lost its newest co-chair, Ashley Lynam, to Morgan, Lewis & Bockius.
The wounds of Schnader Harrison Segal & Lewis’ 2023 closure are still fresh, leaving the Philadelphia legal market cynical in the face of Montgomery McCracken Walker & Rhoads co-chair Ashley Lynam’s departure to Morgan, Lewis & Bockius at the start of the new year. But Montgomery McCracken’s remaining chairman Louis Petroni—on the verge of celebrating his 40th anniversary with the firm—is bullish on its fortunes, pointing to a consistently strong financial performance and steady head count over the past few years as well as record-breaking profits and revenue in 2024.
Although Petroni declined to provide specific numbers on the firm’s financial performance, he hinted at cumulative, double-digit growth across profits per lawyer, revenue per lawyer, and profits per partner over the last few years. He added that the firm’s income is generated across the firm’s partnership rather than by a small group of rainmakers, diversifying the firm’s revenue stream and helping stabilize the firm as a whole.
Head Count and Growth
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