Last year saw Armstrong Teasdale forgo profitability gains in exchange for investments in the infrastructure of the firm’s business functions, including new C-level hires and tech upgrades.

While the Midwest-born firm grossed 11.7% more in revenue last year, reaching $197 million, profits per equity partner fell 14.4% to $634,000. This came as a result of a 16.7% decrease in net income as expenses from strategic investments drained the funds that would have gone to profitability gains.