Regulatory and litigation-focused law firm Steptoe & Johnson LLP has reported significant growth in 2024, achieving more than half a billion dollars in revenue. This marks a 7.5% increase compared to the previous year, bringing total revenue to $530 million, up from $493 million in 2023. The firm’s strategic expansion, which includes the opening of a new office in Houston, has been attributed to its “smart and steady” growth strategy this year.
Alongside increased revenue, Steptoe has also boosted its average equity partner payouts to $2.1 million, representing a 5% rise in profits per equity partner. The expansion has been supported by a 7.5% increase in the number of lawyers at the firm, growing from 410 in the prior year to 441 in 2024. This growth indicates Steptoe’s ability to maintain a robust revenue per lawyer, underpinning its financial achievements.
This achievement sets Steptoe apart as the first Am Law 100 firm to publicly disclose its financial results for 2024. For more detailed insights, see the full article on Bloomberg Law.