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Patrick Smith

Patrick Smith

Patrick Smith, based in New York, covers the business of law, including the ways law firms compete for clients and talent, M&A and corporate work, leadership and marketing innovation. Reach him at [email protected] or on Twitter at @nycpatrickd

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April 02, 2024 | The American Lawyer

Simpson Thacher's Banking and Credit Practice Sees Leadership Change

Patrick Ryan, who has run the practice for about 15 years, will step down as Alexandra Kaplan and Brian Steinhardt step in.

By Patrick Smith

3 minute read

April 01, 2024 | The American Lawyer

Kramer Levin Finds 'A Good Year in a Difficult Environment,' With Revenue Rising 3.3%

While net income slid down, the firm's PEP was up by 1.2% to $2.41 million, as the equity tier shrunk by 5%.

By Patrick Smith

5 minute read

March 29, 2024 | Law.com

Promoting 'Comfortable Diversity' Can Impact Firms' Bottom Lines

In this week's Legal Speak episode, Chanel T. Rowe, of Johnson & Johnson, shares why she thinks promoting "comfortable diversity" can improve firms' bottom lines and how she's helping level the legal playing field.

By Cedra Mayfield | Lisa Willis | Patrick Smith

1 minute read

March 29, 2024 | The American Lawyer

With Merger Near, A&O and Shearman Retain McKinsey, KPMG

The firms said they turned to the business consultants for advice ranging "from operational integration through to ways of working."

By Patrick Smith

4 minute read

March 28, 2024 | The American Lawyer

Schulte Rides Private Capital Matters to 7% Revenue Growth as PEP Dips Amid Firm Investments

As the firm's equity-only partnership expanded 13% to 78 partners last year, the firm's profits per partner dipped 7.7% to $3.34 million,

By Patrick Smith

5 minute read

March 26, 2024 | The American Lawyer

Deal Watch: Wachtell, Skadden, Cleary Land on Big Healthcare Deals; Dealmakers Stay Optimistic

"People are more open to looking at M&A transactions," said Linklaters' George Casey. With inflation getting under control and the Fed expecting lower rates, "you can start thinking how you can finance."

By Patrick Smith

9 minute read

March 25, 2024 | The American Lawyer

Mintz Sees Revenue Hit All-Time High as Profits Dip Amid Office Expansion

"Our profits per equity partner were down, but we baked that in," said Robert Bodian. "That reflects a significant investment in Toronto and Miami, and we finance everything through our profits."

By Patrick Smith

5 minute read

March 25, 2024 | Law.com

Womble Bond Dickinson US CEO Betty Temple on All That Lateral Growth. And How to Control It.

In this week's Legal Speak episode, Womble Bond Dickinson U.S. CEO Betty Temple discusses how her firm has gone about vetting and integrating lateral candidates to fuel the firm's growth strategy.

By Patrick Smith | Cedra Mayfield

1 minute read

March 22, 2024 | The American Lawyer

Fried Frank Crosses $1B in Revenue as PEP Soars 21% and Equity Tier Declines

"There was no plan for mass de-equitization," said chair Kenneth Rosh. "We do manage it [the partnership], and there were some laterals who left and some retirements."

By Patrick Smith

6 minute read

March 21, 2024 | The American Lawyer

At Goodwin, Growth Investments Scuttle Profits While Revenue Ticked Up

Despite a higher head count in 2023, Goodwin said it did not plan on any force reductions in 2024.

By Patrick Smith

5 minute read