Davis Wright Tremaine, the Seattle-founded law firm, has demonstrated its 11th consecutive year of revenue growth, marking a 9% increase in gross revenue in 2023. The firm successfully pulled in a staggering $563.5 million in gross revenue last year, a significant rise from the $514.9 million generated in 2022.
More notably, profits per equity partner also notably grew by 15% to $1.074 million, a landmark figure for the firm as it surpasses the $1 million mark for the first time in its history as per the figures shared with Bloomberg Law. The achievements reflect the firm’s commitment to its core strengths, including an effective strategy concerning its technology, financial services clients, and successful litigation and commercial litigation teams.
Scott MacCormack, the managing partner of Davis Wright, attributes the firm’s success to its ability to persistently focus on its strengths. Mr. MacCormack, who has been leading the firm since April 2021, stated that the team identifies and employs their key skills in technology, financial services and litigation to best serve their clients.
The firm’s revenue streams expanded in 2022, primarily due to its advantageous merger with the 44-lawyer-size financial services boutique firm, McGonigle. MacCormack asserted that the merging of these two firms enabled fruitful collaborations and consequent growth in client relationships that both firms had traditionally thrived upon.
In addition to the above, Davis Wright Tremaine’s energy and environmental group experienced a significant surge in work related to transactions, regulations, and litigation. More so, according to MacCormack, the firm’s litigation group stood out in its performance over the last year.
Davis Wright Tremaine continues to remain in the high-profile legal sphere, representing the likes of Hearst Television and Sinclair Broadcast Group in a defamation lawsuit brought by a University of Baltimore student. They are also defending a group of TikTok creators in a case aiming to overturn a state ban on the short-video social media platform in Montana, the ruling upon which has been temporarily postponed following an appeal from the state of Montana.
Looking forward, the firm is set to capitalize on their robust financial performance in 2023. Spearheaded by a newly implemented strategic plan, Davis Wright Trent aims to guide its future investments and growth to further its impressive success in the years to come. People remain the cornerstone of the firm’s strategic plan; according to MacCormack, they are integral and not seen as a commodity.
Despite a slight reduction in lawyer count due to a higher-than-average rate of partner retirements, the firm logged an overall increase in revenue per lawyer, by 10%, rising to $953,900 from $869,300 in 2022. In MacCormack’s words, where the firm does drive growth, it is purpose-driven and the firm doesn’t necessarily need to be the biggest to be successful. Last week, the firm added Tritia Murata and David Zins, co-leaders of Morrison & Foerster’s wage and hour class action practice, in Los Angeles. Merata also served as the co-chair of MoFo’s global employment and labor group.
Although forecasting is uncertain due to possible geopolitical headwinds ahead that could threaten the US economy, MacCormack expressed confidence in the firm’s prospects given its return to pre-pandemic activity levels and the opportunities ahead to invest further in growth areas and people. He concluded, “It’s going to be a good year.”