Pointing to early planning for pandemic response, as well as reduced expenses and personnel cuts as primary drivers, Minneapolis-based Dorsey & Whitney saw a huge increase in profitability in 2020, as well as strong revenue growth.

The firm boosted its gross revenue by 7%, from $387.2 million in 2019 to $414.1 million last year. Meanwhile, profits per equity partner went up by 29%, from $717,000 to $926,000, as net income increased by more than 23%, from $138.3 million to $170.3 million.