How Do Midsize Firms Define a Good Year of Revenue Growth?October 24, 2019 – Media Mention
The Am Law 100 collectively grew revenue by more than 8% in 2018, but not every firm in the country can bank on such lofty returns.
For midsize firms. revenue growth has been more modest in recent years, though a strong economy has helped keep it consistent. As they prepare to turn their attention to 2020 and seek to define the parameters of a good year of growth, many midsize firms are aiming for something more like a 5% improvement, according to interviews with las firms leaders and industry analysts.
Bob Baradaran, managing partner of Greenberg Glusker LLP, a single-office firm with roughly 100 lawyers in Los Angeles, said that in his six years leading the firm, the strong post-recession economy has helped it land right near its year-over-year revenue growth targets. He said there are four main levers a firm can pull in aiming to achieve revenue growth: rate increases, lateral recruiting, cross-marketing clients and the business development of existing attorneys.