Even after a strong 2019 in which Venable’s revenue soared, the firm said it has taken steps to respond to the economic uncertainty created by the coronavirus pandemic, including postponing partner distributions, reducing salaries and furloughing certain staff.
Venable’s gross revenue shot up 15.2% to $657 million in 2019, its first full year after combining with 100-lawyer intellectual property boutique Fitzpatrick, Cella, Harper & Scinto. Its profits per equity partner inched up to $1.17 million, with a 30% profit margin.
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