In 2010, gross revenue at Dallas-based Gardere Wynne Sewell dropped 15.9 percent to $157.5 million from $187.2 million in 2009. The firm’s 2010 net income was $63.2 million, a 29.5 percent decline compared to $89.6 million in 2009. The main reason for the 2010 numbers is simply that Gardere had a hard time repeating its 2009 performance, says Stephen D. Good (pictured), Gardere’s managing partner. “In 2009 we had such a great year, and a big part of that was alternative fees [that were] nonrecurring,” Good says. “Overall, just our regular income, we were pleased with it. It was consistent with FY 2010, if you adjust for the nonrecurring income,” he says. The nonrecurring income to which Good refers comes from a couple of contingent fee cases that paid off for the firm in 2009, resulting in the firm’s best gross revenue ever in 2009. “Last year [2009] is when we recovered on them. And this year [2010] we were in the investment mode. It’s still part of our strategy,” Good says. Average profits per partner were $854,000 in 2010, and average revenue per lawyer came in at $656,000. PPP and RPL are calculated using a full-year average FTE (full-time equivalent) of 240 lawyers and 74 equity partners. (The 2010 PPP and RPL can't be compared to 2009 numbers reported in Texas Lawyer's Annual Report on Firm Finance, because those were calculated using Aug. 31, 2009, lawyer counts.)
-- John Council
CORRECTIONS: The above blog has been corrected to reflect the appropriate 2009 gross revenue, 2010 net income and 2009 net income.
That was my thought,too.
Posted by: Belstaff Jacket UK | January 06, 2012 at 02:54 AM