US firm Morgan Lewis & Bockius has returned strong figures for 2003 with revenues and profits rising by about 13 per cent.
Turnover at the US firm has risen 13.2 per cent from $557.5m to $631.2 million. Average profits per partner are up 12.6 per cent from $720,000 per partner to $811,000.
Morgan Lewis will expect to sustain this growth in 2004 after the 50 partners and other lawyers that the firm took from Brobeck Phleger & Harrison are integrated. Of course, these hopes would be severely dented if the firm has to pay up to $20m to former lawyers and employees of Brobeck, who are claiming severance pay in a suit against Morgan Lewis.
The firm also picked up the entire Palo Alto office of Pennie & Edmonds in 2003, an addition of 25 lawyers.