At McGuireWoods, managing partner Thomas Cabaniss is counting his blessings after his firm posted another positive financial performance in 2013.
Cabaniss said McGuireWoods last year was “very fortunate” to see gross revenue of $609.3 million, a 1.6 percent increase from $599.5 million in 2012. The Richmond, Va.-based firm also saw its gross revenue rise by 5.6 percent.
Cabaniss said he wasn’t surprised that his firm posted only a slight increase in gross revenue last year, as expenses mounted for McGuireWoods and other firms. Having an up year is a “harder and harder task,” he said.
“Whenever we can increase our revenue, we think we had a great year,” Cabaniss said.
In addition to gross revenue, other key financial indicators improved at McGuireWoods last year.
Profits per partner in 2013 rose to $950,000, a less than 1 percent bump from $945,000 in 2012. The firm’s average compensation for all partners grew by 1.6 percent, from $640,000 in 2012 to $650,000 in 2013. And revenue per lawyer went up by 3.1 percent, from $635,000 in 2012 to $655,000 in 2013.
Litigation and mergers and acquisitions business was brisk in 2013, Cabaniss said. The firm last year represented pork producer Smithfield Foods Inc. in its $7.1 billion sale to Chinese meat processor Shuanghui International Holdings Ltd. and advised Harris Teeter Supermarkets Inc. in its $2.5 billion sale to The Kroger Co.
McGuireWoods last year had at its disposal 931 lawyers, 10 fewer than in 2012. Of that number, 172 were equity partners and 240 nonequity partners. The number of equity partners dropped by 14 from 2012 to 2013, while the nonequity partner tally rose by three.
Cabaniss said he expects another up year for McGuireWoods in 2014, but nothing major.
“I don’t see any great increase in demand,” Cabaniss said.