Fueled by Hires and 'Happiness Factor,' McDermott Revenue Hits $1 Billion
A string of lateral hires from DLA Piper and elsewhere "exceeded even our optimistic expectations," said chair Ira Coleman, helping to boost revenue by nearly 14 percent last year.
March 01, 2019 at 09:54 AM
5 minute read
Buoyed by key lateral additions, McDermott Will & Emery has surpassed the $1 billion mark in revenue for the first time in its 85-year history.
Gross revenue at the Chicago-based firm climbed 13.9 percent to $1.054 billion in 2018, up from $925 million the year prior. Revenue per lawyer increased 10.7 percent to $1.041 million, and profits per equity partner jumped 10 percent to $1.884 million from $1.713 million the year prior.
The number of attorneys at the firm grew 2.8 percent from 985 lawyers in 2017 to 1,013 lawyers in 2018. Despite its activity in the lateral market, the number of equity partners remained unchanged at 173 in 2018, while the nonequity partner tier shrank by 3.9 percent to 363.
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