Fox Rothschild Grows Revenue 10 Percent, PPP 1.6 PercentApril 29, 2015 – In The News
Fox Rothschild was featured in The Legal Intelligencer article “Fox Rothschild Grows Revenue 10 Percent, PPP 1.6 Percent.” Full text can be found in the April 29, 2015, issue, but a synopsis is below.
According to the Am Law 100, Fox Rothschild grew about 10.1 percent in gross revenue. The Am Law 100 is based on figures from a few weeks before the end of the fiscal year. In fact, Fox’s Firmwide Managing Partner, Mark Silow, stated that the firm actually increased their gross revenue by about 10.5 percent after including the figures for the fiscal year-end.
This significant increase was mostly due to the combination of a 5.5 percent lawyer head count increase (from 531-560), a 2.5 percent average rate increase and a 4.4 percent increase in revenue per lawyer (RPL). Also, the firm’s profits per equity partner (PPP) increased 1.6 percent.
Silow said that the firm’s natural growth and contributions from laterals, such as the 18-lawyer Dallas acquisition, also played a significant role. The firm was busy throughout the entire year and, compared to the previous year, showed higher revenue for each month respectively, he elaborated.
Silow noted that a few practice groups stood out and that Fox was not affected by the industry-wide decrease in litigation practice."It's an enormously diversified practice. No one practice group, no one client really dominates,” he stated. “Even as well as gaming and real estate did this past year, nothing predominated."
Overall, Silow says that it was an overall great year for the firm. "Having said that, the competition gets more fierce every day as more and more firms are competing for the same clients,” he said. “So the client pool isn't increasing dramatically, if at all, and the competition among law firms for those finite clients is just getting more fierce by the day.”
Although the competition is fierce, Silow thinks that Fox has a great chance based on last year and the strong potential he sees for this year. He alluded to even more new offices, a possible international expansion and looks to “fairly significantly expand” in some existing areas.
There is also talk of possibly expanding to the international market. “But we haven't crossed the threshold in our own minds where an international office would be a net benefit," said Silow, adding that the firm’s referral network abroad is working well enough for now.