The firms revenue fell by 3.4 percent, but net profit increased slightly, by 2 percent. Profit per partner increased by 5 percent because the firm shed six equity partners. That followed a 13 percent rise in partner profit in 2009a year when most large firms profit per partner took a big hit. But Troutman took its hit to partner profit in 2008, suffering an 11 percent drop.Chairman Robert W. Webb Jr. attributed the drop in revenue to head count reductions, saying the focus for the last two years has been on boosting revenue per lawyer and profit per partnernot overall revenue. Although it added a 100-lawyer litigation boutique, Ross, Dixon & Bell, at the beginning of 2009, the firms average 2010 head counttwo years after the mergerwas 614.6 lawyers, compared to 620 lawyers the pre-merger firm reported on Aug. 31, 2008. Revenue per lawyer dropped $5,291 in 2010. In the two years since the merger, revenue per lawyer increased 4.7 percent and profit per partner is up 19.4 percent. Webb said that hours per timekeeper were significantly up by the end of the year. Weve gotten the base right and are in a position to start growing again in 2011, he said.
*Variances shown are in comparison to 2009.
|Revenue per lawyer||$591,442||0.89%|
|Profit per partner||$706,728||5.48%|
|Atlanta size rank among firms offices||No. 1|
Bank of America, Chick-fil-A, Cousins Properties, Delta Air Lines, Google Inc., Southern Co., Turner Broadcasting System, Verizon Communications
Atlanta (202.5), Chicago (14.8), Hampton Roads, Va. (31), Hong Kong (12.6), Irvine, Calif. (20.7), New York (89.6), Portland, Ore. (5), Raleigh, N.C. (15.7), Richmond, Va. (106.1), San Diego (10), Shanghai, China (11.8), Tysons Corner, Va. (17.8), Washington (77)
*Lawyer head counts are based on average, full-calendar year FTEs as of Dec. 31.
Hong Kong Joe A. Sevack, corporate, from Paul, Hastings, Janofsky & Walker
Irvine Jennifer I. Bojorquez, Dan E. Chambers and Martin W. Taylor, real estate finance, from Jeffer, Mangels, Butler & Marmaro
Portland Antoine P. Cobb, energy, from Arizona Public Service Co.; Matthew D. McVee, energy, from Western Electricty Coordinating Council
Shanghai Richard Grams, corporate, from Stephenson Harwood
London John R. Varholy, energy trading, to Reed Smith
Tysons Corner Edmund D. Harllee, financial institutions, to Williams Mullen
All are partners, unless otherwise noted.
Troutmans London office went from one lawyer to zero when John R. Varholy took his energy trading practice to Reed Smith in March.
The firm opened a five-lawyer Portland, Ore., office for its energy practice.
Stephen E. Lewis succeeded Robert W. Webb Jr. as the firms managing partner and Mark S. Shiembob succeeded Webb as chairman of the firms compensation committee on Jan. 1, 2011. Webb remains Troutmans chairman.