Mintz, Levin, Cohn, Ferris, Glovsky and Popeo keep up the pace in their decade-long run of revenue expansion, witnessing a 4.5% surge to achieve an all-time high at $645.2 million. This leap aligns with the ambitious endeavors to extend their presence in Toronto and Miami. Despite the growing top line, a slide is noticed in the net income and average profits per equity partner (PEP), due to significant investments channeled towards their ongoing expansions.
The net income allocated to all equity partners dropped 7.7% to limp at $195.6 million, causing the PEP to experience a 2.7% slip, settling at $2.1 million. Nevertheless, the firm’s revenue per lawyer saw a modest boost of 3.2%, averaging at $1.24 million. These figures are based on preliminary estimates, as the fiscal year of the firm concludes on March 31.
“Our profits per equity partner were down, but we baked that in,” acknowledges Robert Bodian. “That reflects a significant investment in Toronto and Miami, and we finance everything through our profits.” Despite the short-term dip in profits, it seems that Mintz, Levin, Cohn, Ferris, Glovsky and Popeo is steadfast on its growth trajectory, banking on investments to pan out in the long run.