A Big Law Pay Scale Record For Davis Wright
Ben Thomson – LawFuel contributor specializing in big law pay and law business news
Davis Wright Tremaine achieved another milestone in 2023, marking its 11th consecutive year of revenue growth beating the previous $563 million gross revenue milestone, but providing partners with over $1 million per year in a major big law pay scale deal for the firm.
The million dollar threshold for partner earnings (actually $1.074) profits per equity partner, showed a 15 percent growth and may also translate – we hope – into increases too for the overall big firm payscale.
The Seattle-based law firm experienced a notable 9 percent increase in gross revenue, surpassing $563.5 million, compared to $514.9 million in 2022 . This financial success contributed to the firm’s overall prosperity, with revenue per lawyer rising by 10% to $953,900 from $869,300 in 2022.
The driving force behind Davis Wright’s financial accomplishments lies in its focus on core strengths, as articulated by Managing Partner Scott MacCormack.
Emphasizing the firm’s commitment to its identity and values, MacCormack attributes the success to being “consistently focused on our strengths,” spanning technology, financial services, and the prowess of its litigation and commercial litigation teams.
Noteworthy contributors to the firm’s revenue growth include a successful merger with the 44-lawyer financial services boutique McGonigle in 2022, leading to increased revenue in the financial services practice.
Surge In Big Law Work
The energy and environmental group also experienced a substantial surge in activity on the transactional, regulatory, and litigation fronts. MacCormack lauds the firm’s litigation group for their outstanding performance, citing their continuous high utilization rate of 100 percent or more.
Davis Wright Tremaine’s work extends to high-profile cases, such as representing Hearst Television and Sinclair Broadcast Group in a defamation lawsuit and advocating for a group of TikTok creators challenging Montana’s ban on the short-video social media platform.
The firm’s financial success in 2023 aligns with its a strategic plan emphasizing national representation for clients in technology, financial services, healthcare, and entertainment.
MacCormack highlights the significance of purpose-driven growth, emphasizing the firm’s preference for strategic importance over sheer size.
Despite a slight reduction in lawyer headcount due to partner retirements, the firm remains steadfast in its commitment to attracting top-tier talent as it competes in the big law pay scale rankings.
Looking ahead, Davis Wright Tremaine aims to sustain its positive momentum, with strategic investments and a focus on growth opportunities.
Despite potential economic challenges, MacCormack expresses confidence in the firm’s prospects for 2024, anticipating a continuation of engagement and work in key areas.
