McGuireWoods benefited from rate increases and also embraced alternative fee arrangements, including "very significant enterprise-wide flat fee type arrangements" and blended rates, said the managing partner.
February 23, 2024 at 12:14 PM
4 minute read
McGuireWoods’ growth remained steady despite depressed demand in 2023, with the firm surpassing the $1 billion mark in gross revenue for the first time. The firm’s gross revenue rose by more than 4% to $1.02 billion last year.
The firm also saw increased profitability in 2023, with a 1% rise in net income and 5% growth in profits per equity partner to $2.05 million. The profit growth came amid a 3.7% drop in its equity partner tier, down to about 200 equity partners.
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J. Tracy IV Walker, managing partner of McGuireWoods. Courtesy photo
