Bryan Cave shrugs off 2004's turnover drop

US firm Bryan Cave's 2004 revenues have dropped slightly on its record 2003 but firm chairman Don Lents has claimed the year was still a success as 2003's figures included a massive success fee.

Gross revenue for 2004 was $374m (£196m) down 2.6 per cent from $384m (£201.2m) in 2003. Profit per equity partner (PEP) fell from $600,000 (£314,000) in 2003 to $524,000 (£275,000) in 2004.

"Last year we expanded with a steady rise in revenues - recognising that in 2003 we had the contingency fees," Lents told The Lawyer.

Profitability rocketed 35 per cent the previous year due to the $23m (£12.1m) success fee the firm received from Biomedical Systems after the firm won a contract dispute against GE Medical Systems. That alone accounted for around $100,000 (£52,000) extra on the firm's PEP figure.

The firm recently re-recruited senator Jack Danforth to the partnership after a spell as the US ambassador to the UN. His practice will focus on corporate compliance and defence, public policy, regulation and legislation.

Danforth's return follows a string of lateral partner hires across the globe. David Liu joined the firm in Shanghai from Sidley Austin Brown & Wood. Robert Rawn moved to the firm's New York office from Pillsbury Winthrop and Donald Figliulo joined the firm's Chicago office from Wildman Harrold Allen & Dixon.