Akerman Sets Record with Revenue Jumping 9 Percent
The largest law firm in the state of Florida based on attorney headcount has reported a revenue jump of 9 percent in one year, according to The Daily Business Review.
In 2014, the firm's revenue increased to $324 million from $298 million in 2013.
Revenue per lawyer increased by 3.5 percent to $590,000 and profit per partner increased by 7.6 percent to $640,000. Net income jumped by 8.1 percent to $120.5 million. Profit margin at the firm stayed flat at 37 percent.
Andrew Smulian, the firm's chairman and CEO, said that he is proud of the firm's profit per partner numbers.
"This was our fourth consecutive year of record-breaking results," Smulian said. "I'm happy with the continued increase in these numbers, and I'm very proud of our people who have worked so hard on client matters to deliver that result. Plus expenses are under control."
Smulian said that the increase in the firm's business comes from the real estate explosion in South Florida, the volume of transactions and foreign investment.
The biggest story for Akerman in 2014 came from the expansion of the Chicago office. The office opened one year ago and boasts 20 lawyers to date.
In 2014, Akerman garnered the largest lateral market gain of all of the Am Law 200 firms in the country. The firm jumped to 548 lawyers from 523, which is an increase of 4.8 percent.
There are 188 equity partners at the firm, which is one more than in 2013. The 92 non-equity partners saw compensation increase by 7.7 percent to $28 million, which is an average of $304,348.
The firm's headquarters will be moved to the Brickell City Centre later this year.
"We've been here for 20 years," Smulian said of their current location. "We have a long-term outlook. It's all planned for and accounted for and budgeted for."
The fiscal year for Akerman ended on October 31.
Summary: The largest law firm in the state of Florida based on attorney headcount has reported a revenue jump of 9 percent in one year.