In A Year Marked By Associate Deferrals, Top 50 Biglaw Firm Hits Record Revenue
Perhaps it was all for the good of the firm after all....
Ed. note: Welcome to our daily feature, Quote of the Day.
We managed expenses and head count reduction. When I look back at 2023, some of those decisions were difficult, but they paid off at the end of the year. We bent the curve on cost and delivered some excellent results for our partners.
— Bill Malley, managing partner of Perkins Coie, in comments given to the American Lawyer on the firm’s financial performance in 2023. The firm’s revenue rose to an an all-time high of $1.21 billion, and profits per equity partner climbed by 7.6%, to $1.6 million. Perkins Coie conducted staff layoffs in February, while deferring associate start dates (save for incoming IP associates) from fall 2023 to January 2024. “We were strong across regulatory and litigation of all kinds, but especially IP,” Malley continued. “We had more patent litigation cases than ever before, and we kept winning. We have invested in and built a premier IP practice.”
Staci Zaretsky is a senior editor at Above the Law, where she’s worked since 2011. She’d love to hear from you, so please feel free to email her with any tips, questions, comments, or critiques. You can follow her on Twitter and Threads or connect with her on LinkedIn.
