Leaders of Kramer Levin Naftalis & Frankel said the firm last year weathered a “difficult environment, especially for transactional practices,” as gross revenue rose by 3.3% to $435.2 million, the second-highest in firm history. Meanwhile, growth and investment expenses kept net income in the red.

“It was a good year in a difficult environment,” Howard Spilko, co-managing partner of Kramer Levin, said. “Litigation, restructuring and intellectual property all posted strong results, which led to the second-highest year in our history.”