January 30, 2012 5:26 PM
The Am Law 100, the Early Numbers: Madoff Work Helps Boost Baker & Hostetler Revenue 14 Percent
Posted by Susan Beck
Buoyed by its work on the Bernard Madoff liquidation proceedings, Baker & Hostetler saw its gross revenue jump 14 percent last year to $440 million, while profits per equity partner increased 11 percent to $845,000, according to The American Lawyer's reporting. Revenue per lawyer stayed flat, at $600,000.
Roughly 20 percent of the firm's revenue appears to stem from its work on the liquidation of Bernard L. Madoff Investment Securities LLC. The firm received a $44 million fee award in June, and a $45 million award in October. (These fees are paid by the Securities Investor Protection Corporation, and are not deducted from money recovered for Madoff investors.) To date, the firm has earned more than $210 million from its work on the Madoff case.
Baker & Hostetler's strong 2011 financial performance come on the heels of dramatic jumps in the firm's revenue and profits in 2010. That year its revenue climbed 17 percent and profits per equity partner soared 28 percent, largely due to the Madoff-related work.
The firm's head count last year increased 14 percent to 733 lawyers, and its equity partner ranks increased by three partners, to 143. The firm has a larger class of nonequity partners, numbering 199.
Baker & Hostetler executive partner R. Steven Kestner was unavailable to comment.
This report is part of The Am Law Daily's ongoing Web coverage of 2011 financial results of The Am Law 100/200. Results are preliminary. Final rankings and full results for The Am Law 100 will be published in The American Lawyer's May 2012 issue and on AmericanLawyer.com. The Am Law Second Hundred will be published in the June issue.Make a comment