For Steptoe & Johnson LLP, 2013 was a mixed bag. Revenue was flat at $365 million, profits per partner fell $75,000 to $905,000, but revenue per lawyer climbed slightly to $900,000.
Notably, the firm’s profit margin dropped from 40 percent in 2012 to 34 percent in 2013. Firm chairman Philip West said one key to understanding the decline is a large contingency fee that the firm received in 2011. That year, Steptoe got about $15 million for a long-running case in which the firm represented American prisoners of war held in Iraq.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]
