Law Firm Profits – The Legal Intelligencer Notes Increase in Buchanan’s Revenue and Profits in 2007

LAWFUEL – An article titled “Buchanan Ingersoll Revenue Up 4 Percent, Profits Per Equity Partner 9 Percent” was published in the February 21, 2008, edition of The Legal Intelligencer.

The article notes that, after two years of large-scale mergers, Buchanan focused on integration, cost savings and creating the right practice mix in 2007. The firm’s gross revenue grew by nearly 4 percent in 2007 and revenue per lawyer increased by 3.1 percent. Average compensation per partner rose by 6.8 percent in 2007, and profits per equity partner moved 9.1.

Buchanan’s CEO, Thomas L. VanKirk, told The Legal Intelligencer that a significant part of the increase in profits per equity partner was due to an overall drop in the number of both equity and non-equity partners in the firm. VanKirk added that the firm has plans to add more attorneys, increasing the current number of 530 to 700-750 within three years.

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