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February 9, 2011 9:15 AM

The Am Law 100: Reed Smith Profits, Revenue Grow in 2010

Posted by Ed Shanahan

From The Legal Intelligencer

Reed Smith was on an upward trajectory in 2010, as the firm saw increases in revenue, profits, head count, and billable hours, according to The Legal Intelligencer, a sibling publication.

Gross revenue in 2010 rose 1.7 percent to $958 million as Reed Smith continued its approach to the $1 billion revenue mark. The firm's 34.6 percent profit margin gained a percentage point from 2009 to 2010, bringing net revenue to $331.7 million.

"It was hard work," Reed Smith managing partner Gregory B. Jordan said of the growth in gross revenue. "Demand was still low, pricing was very competitive and for us our thing was about sticking close with the clients and the relationships, and that's really worked for us," Jordan said.

Total lawyer head count bumped up by a little more than 1 percent, from 1,433 lawyers in 2009 to 1,449 last year. The equity partner tier remained virtually flat at 316 while the nonequity partner tier grew 3.3 percent to 374 in 2010. 

Based on a December 31 cutoff for head count tallies, Reed Smith averaged RPL in 2010 of $661,000 and PPP of $1.05 million. The firm's average compensation for all partners came in at $677,222.

(Editor's Note: The American Lawyer has implemented a change in methodology for this year's Am Law 100/Second Hundred survey, tracking full-time equivalent lawyers based on a December 31 cutoff date. Given the change, 2009 numbers have been recalculated to reflect the full-year head count. Year-on-year percentage changes are based on those recalculated numbers.)

 CLICK HERE for the full report from The Legal Intelligencer.

 

RELATED ARTICLES

At Reed Smith, Profits Rise as Revenue Falls
The Am Law Daily, February 23, 2010

Revenue Up, Profits Down at Reed Smith
The Am Law Daily, January 22, 2009


This report is part of The Am Law Daily's ongoing Web coverage of 2010 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 2011 issue and on AmericanLawyer.com. The Am Law Second Hundred will be published in the June issue.

Results for the 2010 fiscal year reflect a change in the survey methodology. Per-lawyer and per-partner results for 2010 are based on a full calendar year average FTE head count, while published results for previous years were, in most cases, based on an August 31 FTE head count. When possible, we have recalculated fiscal year 2009 numbers to reflect the change in head count and based percentages on those adjusted numbers.

The final published results of last year's Am Law 100 rankings are available here; Second Hundred results are available here.

 

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