In an impressive display of financial health, the international law firm Steptoe showed a record performance in 2023, with revenue reaching $493 million. There were notably robust contributions from practice groups such as commercial litigation, intellectual property, and insurance. These sizeable gains were reported by Bloomberg Law.
Steptoe’s profits per equity partner also witnessed a significant rise, heading northwards to $1.9 million; an increase exceeding 10% compared to the previous year. Steptoe Chair Gwen Renigar attributed these favourable results to the firm’s continued commitment to high-end performance and client service. Their success was found at the intersection of business, regulation, policy, and the courts.
The firm’s achievements stand out even more when contrasted with the average revenue growth of 6% among the country’s 100 largest law firms, as reported by a Wells Fargo & Co. survey. Moreover, the average profits per equity partner at these firms increased by slightly more than 5% from 2022.
Despite being ranked around the 100th largest law firm by revenue in recent years, according to AmLaw data, Steptoe has managed to accomplish commendable growth. In 2023, the firm recruited 37 lawyers and business professionals from the now-closed Stroock & Stroock & Lavan in New York and Los Angeles, suggesting a robust expansion strategy.
Alongside their financial success, Steptoe has also prioritized diversity within its leadership. The firm notes that its chair is a woman, the majority of its elected executive committee members are female, and the majority of its offices and practice groups are managed or led by women.
Interestingly, Steptoe formally dropped “Johnson” from its name last year, shortening it to Steptoe LLP. This move was intended to avoid confusion with the West Virginia-based Steptoe & Johnson PLLC.
With innovative strategies, diversified leadership, and high focus on client service, Steptoe continues to set an exemplary standard in the legal profession.