In contrast, Covington & Burling, while not discounting greater competition in the marketplace, is confident – some might say overconfident – that it is on the right track. The firm points to its profits per partner, just more than $1m (£500,000) in 2006, and its high partner retention rate as two of many reasons why Covington has not felt as keen a need to transform itself in response to market forces.
Covington’s head count growth has lagged behind that of its competitors, however, and the firm has seen only modest revenue gains over the past several years, creating a widening gap between itself and other top firms, such as Hogan and WilmerHale. And for the first time in five years Covington did not make it on The American Lawyer’s ‘A-List’, the magazine’s closely-watched annual ranking of the 20 firms with the best stats in pro bono, revenue per lawyer, diversity and associate satisfaction (declining associate satisfaction was the reason the firm dropped out).
