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Thursday, July 18, 2024

RPL Hits New Peak at Reed Smith, as Profits Stagnate Amid Mounting Costs

“We saw financial growth from top 200 clients, including significant increases in international engagements, which indicates that our global platform is working for our international clients,” said global managing partner Casey Ryan.

5 minute read

Law Firm Profitability

Reporter

The original version of this story was published on The American Lawyer

  • Revenue grew by less than 1% and equity partner profits dipped 2.8%.
  • The firm reached its highest revenue per lawyer in history, indicating the success of its global platform.
  • For some associates, Reed Smith is matching pay increases set last year by Cravath, Swaine & Moore.

Stagnant revenue, and investments in tech and real estate, resulted in another year of slightly less profitability for global Am Law 50 firm Reed Smith, making 2021 the year to beat from a profit standpoint.

But from the standpoint of revenue per lawyer (RPL), the firm had its best year in history in 2023, growing RPL 2.4% to $943,000 thanks to clients embracing the firm’s global platform, said global managing partner Casey Ryan.



Read Full Story: https://www.law.com/2024/03/28/rpl-hits-new-peak-at-reed-smith-as-profits-sta...