Ballard Spahr saw mixed financial results in the final year of longtime chair Mark Stewart’s tenure, ushering in newly appointed chairman Peter Michaud with steady gross revenue alongside a dip in profits per equity partner.
While the firm’s gross revenue remained relatively steady, increasing by 0.4% to just over $484 million, and a slight drop in head count translated into a 5.4% increase in revenue per lawyer (RPL) to $843,000, the firm’s profits per equity partner (PEP) dropped by 5.3% to hit $790,000. Net income saw a 7.1% drop, a loss of about $13 million.
