X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.
Akin Gump Strauss Hauer & Feld managed to spin a sluggish economy into gold in 2002. Due largely to active litigation and bankruptcy practices, Akin Gump’s 236-lawyer D.C. office eked out a 6 percent increase in gross revenue and saw a 20 percent boost in its average profits per equity partner. Firmwide, the gains were slightly more muted—a 4 percent increase in gross revenue and a 10 percent jump in its average profits per equity partner. “We were expecting the worst in 2002 and were watching expenses all year long,” says firm chairman R. Bruce McLean. “We were delighted with the way the year turned out.” Another D.C. partner jokes, “The bad economy has been good to us.” Distress in corporate America contributed to Akin Gump’s more robust bottom line in part by fueling a busy financial restructuring practice that has grown to 60 attorneys firmwide. According to McLean, the firm represents parties in five of the 10 largest bankruptcies filed in 2002, including the unsecured creditors in WorldCom Inc. Meanwhile, Akin Gump’s D.C. litigators kept busy with a mix of intellectual property, government regulation, and corporate criminal cases. Among the firm’s local litigation clients: the AT&T Corp., Sallie Mae, Ernst & Young, and the outside directors of the HealthSouth Corp. Akin Gump’s attorney head count dropped in 2002, shrinking from approximately 950 lawyers firmwide to 864. The D.C. office dipped from 248 lawyers to 236. D.C. managing partner Richard Burdick attributes the slight reduction to normal attrition and slow lateral hiring. “Opportunities to grow over the last 18 months to two years are just not there like they were before,” Burdick says. (While Akin Gump made relatively few lateral hires in 2002, the firm recently picked up approximately 20 lawyers from the Austin office of the now-defunct Brobeck, Phleger & Harrison, including top litigator Steven Zager.) Fifteen firm attorneys were elected to partnership last year, including two in the District. Akin Gump’s most remarkable achievement in 2002 may be its 25 percent increase in total pro bono hours. The firm’s total pro bono work climbed from 25,418 hours in 2001 to 31,693 hours in 2002. The average time spent on pro bono work per attorney jumped from 28 hours to 38 hours. “I’m very, very pleased,” says McLean.

This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.

To view this content, please continue to their sites.

Not a Lexis Advance® Subscriber?
Subscribe Now

Not a Bloomberg Law Subscriber?
Subscribe Now

Why am I seeing this?

LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.

For questions call 1-877-256-2472 or contact us at [email protected]

 
 

ALM Legal Publication Newsletters

Sign Up Today and Never Miss Another Story.

As part of your digital membership, you can sign up for an unlimited number of a wide range of complimentary newsletters. Visit your My Account page to make your selections. Get the timely legal news and critical analysis you cannot afford to miss. Tailored just for you. In your inbox. Every day.

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.