Law firm Brownstein Hyatt Farber Schreck blazed ahead of competitors in federal lobbying revenue last quarter, raking in an impressive $16.2 million. This success puts the firm on track to outdo last year’s record revenue.
Various factors were attributed for the boost in revenue, including active oversight agendas in the House and Senate, developments related to artificial intelligence, alongside significant bills like the National Defense Authorization Act. As expressed by Nadeam Elshami, a policy director at Brownstein Hyatt, despite common perceptions, a lot is happening in Congress.
The performance through March 31 mirrors that of the lobbying sector as a whole. Spending in this area has surpassed $4 billion for two consecutive years. Even with a slowdown in legislation, AI energy issues and tax considerations remain in focus for both Congress and the business sector.
Close behind was Akin Gump Strauss Hauer & Feld, reporting over $50 million in revenue last year and $13.8 million for the first quarter. This marked the firm’s best first quarter ever. Other firms, such as Holland & Knight, have also seen a promising start to the year.
Contrary to conventional wisdom, election years are not slow periods for lobbyists. On the contrary, lobbying spending in 2022 hit a peak of $4.1 billion, according to Bloomberg Government. The spending trajectory continued to soar to $4.27 billion the following year.
Many businesses are currently preparing for the 2025 expiration of the 2017 Tax Cut and Jobs Act. The act had previously slashed the corporate tax rate from 35% to 21%. Negotiations surrounding the law and some of its expiring provisions are being described as the “tax Super Bowl”.
Several big law firms, including Akin, are lobbying in Washington on the proposed $14.1 billion sale of US Steel to Nippon—a deal that has garnered opposition from both the White House and bipartisan lawmakers who desire to retain the steel corporation in American hands.