Susan Beck, The Am Law Daily
Husch Blackwell posted mixed results in 2015, with revenue declining for the second straight year amid a double-digit increase in partner profits. Gross revenue fell 1.7 percent, to $284 million, but profits per equity partner jumped 12.8 percent, to $615,000. Revenue per lawyer increased 4.5 percent, to $585,000. Average compensation for all partners rose 7.4 percent, to $435,000.
Head count at the St. Louis-based firm declined across the board. Overall, the number of lawyers was down 6.2 percent, to 485. The equity partnership shrank 7.7 percent, to 132 partners, and the number of nonequity partners declined 9.9 percent. Husch Blackwell’s lawyer ranks remain far below where they were in 2008, at the start of the financial crisis, when the firm supported 604 lawyers. Its revenue peaked that year, at $302 million, which the firm matched again in 2013.
“We were pleased with 2015,” said Gregory Smith, the firm’s CEO and managing partner. “We were positive on the key metrics, including revenue per lawyer and profits per partner.” Smith said no one factor led to the revenue decline, and the firm did not lay off any lawyers. “We look to continue to grow,” he said.
On the administrative side, the firm is aiming to bring down the ratio of lawyers and other timekeepers to support staff, which now stands about 3-to-1. The goal will be a 5-1 ratio, especially for the firm’s larger offices. Smith said the firm is also working on an initiative to help clients better predict their legal costs using data and analytics.
“Like all firms, we’re trying to manage overhead and drive down costs,” he said.
Last year the firm represented AB InBev in four acquisitions, including the purchase of three wholesalers and one craft brewer. The firm is also representing the Wisconsin Center District in negotiations with the Milwaukee Bucks to build a new arena. Canadian utility Algonquin Power & Utilities Corp. is using Husch Blackwell for its $2.4 billion acquisition of The Empire District Electric Company, and AMC Theaters has tapped the firm for its $1.1 billion acquisition of Carmike Cinemas.
In litigation, the firm successfully defended Express Scripts, the nation’s largest pharmacy benefits manager, in an antitrust suit brought by specialty pharmacy Linden Care.
This report is part of The Am Law Daily's early coverage of 2015 financial results of The Am Law 100/200. Final rankings and full results for The Am Law 100 will be published in The American Lawyer's May 2016 issue and on AmericanLawyer.com. Am Law Second Hundred rankings will be published in the June issue.
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