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Venable office Venable offices, Washington, D.C. Photo: Diego Radzinschi.

Even after a strong 2019 in which Venable’s revenue soared, the firm said it has taken steps to respond to the economic uncertainty created by the coronavirus pandemic, including postponing partner distributions, reducing salaries and furloughing certain staff.

Venable’s gross revenue shot up 15.2% to $657 million in 2019, its first full year after combining with 100-lawyer intellectual property boutique Fitzpatrick, Cella, Harper & Scinto. Its profits per equity partner inched up to $1.17 million, with a 30% profit margin.

But like other Am Law 200 firms that have responded to the pandemic, the Washington, D.C.-based firm said it had to adjust. “Our actions include postponing certain distributions to equity partners, implementing tiered compensation reductions for attorneys and staff, and temporarily furloughing certain staff in roles that primarily support office operations,” the firm said in an April 10 statement to ALM.

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Christine Simmons

Christine Simmons writes about the New York legal community and the business of law. Email her at [email protected] and find her on Twitter @chlsimmons

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