US firm Bryan Cave’s 2004 revenues have dropped slightly on its record 2003 but firm chairman Don Lents has claimed the year was a success as 2003’s figures included a massive contingency fee.
Gross revenue for 2004 was $374m down 2.6 per cent from $384m in 2003. Profits per equity partner fell from $600,000 in 2003 to $524,000 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 had rocketed 35 per cent the previous year due to the $23m success fee the firm received from Biomedical Systems after the firm won a contract dispute against GE Medical Systems. That alone accounted for about an extra $100,000 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 United Nations. His practice will focus on corporate compliance and defence, public policy, regulation and legislation.
Danforth’s return to the partnership has followed 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. Donald Figiulo joined the firm’s Chicago office.