Thank you for sharing!

Your article was successfully shared with the contacts you provided.
Though grosses increased only slightly, revenue per lawyer and profits per partner grew significantly at Covington & Burling during 2003. Revenue per lawyer increased about 15 percent, to $675,000 from $585,000 in 2002. Profits per partner went up a healthy 10 percent to reach $780,000. Local revenue, however, went up about a half-percent — up from $208.6 million to $209.7 million in 2003. Covington partner Mitchell Dolin says the rise in profitability is due in part to a head count drop in 2002, when the firm included about 30 contract attorneys in its tally of lawyers. Indeed, local head count dropped from 358 to 311 in 2003. The firm hired the contract lawyers for the extensive investigation the firm performed into the accounting practices of the Pennsylvania-based Adelphia Communications Corp., work that continued into 2003 and contributed to the firm’s bottom line. But Stuart Stock, chair of the firm’s executive committee, says that in spite of the small increase in D.C. revenue, the firm as a whole had a good year. Indeed, firmwide revenue increased by nearly 8 percent. Stock says a pickup in corporate work bolstered the firm, noticeably in the 81-lawyer New York office. For example, the firm represented Goodyear Tire & Rubber in restructuring credit and accounts receivable, and California power company Calpine Corp. in $4 billion worth of capital markets and bank financings. Litigation was also strong in 2003, says Stock. The firm played a central role in an antitrust case involving medical residents who sued hospitals and medical schools for not allowing them to negotiate pay and benefits. Last year, the firm sued Fax.com for sending more than 1,600 junk faxes in one week to the firm. Covington was awarded $2.3 million. Securities litigation was a significant part of the firm’s litigation book of business last year. The firm has been representing Chicago-based Bank One Corp. in securities and antitrust matters. Stock says 2003 was a particularly active year for corporate investigations, and the firm saw a substantial piece of that work. In addition to closing out the Adelphia investigation in 2003, Stock represented Freddie Mac in an internal investigation requested by its board of directors. Partners Bruce Baird and Alan Vinegrad led the representation of the special committee of independent directors of Tyco International Ltd. during an investigation into the company’s accounting. Also in 2003, the firm announced it had entered into a strategic alliance with Kissinger McLarty Associates, a consulting firm run by former Secretary of State Henry Kissinger and Clinton White House Chief of Staff Thomas McLarty.

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.