SAN FRANCISCO — As if a 13 percent gain in revenue in 2012 wasn’t enough, Fenwick & West grew revenue another 5.8 percent, to $274.5 million, in 2013.
Revenue per lawyer climbed 5.3 percent to $985,000, while profits per partner rose 4.1 percent to $1.3 million.
“It was a particularly strong year for transactions as well as securities litigation and patent litigation, but each of our core practice areas contributed meaningfully to our revenue growth,” said Richard Dickson, who took over as Fenwick’s chairman on Jan. 1, 2014.
The firm worked on 10 initial public offerings for Valley tech companies or their underwriters in 2013. It also represented Cisco in a slew of acquisitions, including Sourcefire for $2.7 billion and Israel-based Intucell for $475 million.
“Momentum really started building in May and continued building throughout the year and into this year,” Dickson said. “I’m very optimistic about this year.”
Demand for services increased in 2013, according to Dickson, but the firm tapped the brakes on hiring. Headcount was flat after surging up 12 percent in 2012. Dickson said last year the firm focused on integrating recent hires.
Law firm consultant Peter Zeughauser said its likely that the firm’s emerging companies practice powered its financial performance.
“Emerging tech companies are a bright spot in the market generally,” he said. “There are only a few firms that play in that area, and they’re in Silicon Valley.”
This report is part of ALM’s preliminary coverage of 2013 financial results for The Am Law 100 and 200. Final rankings and full results for The Am Law 100 and 200 will be published later this year.
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