In a year of significant changes at Paul, Weiss, Rifkind, Wharton & Garrison, including a new nonequity partnership tier and rapid lateral growth, the New York law firm saw double-digit gains in revenue and profits. The firm’s revenue jumped by 31.6% to $2.63 billion, while its average profits per equity partner grew by 14.7% to $7.51 million.
With the firm investing “hundreds of millions” of dollars in its platform, according to firm chair Brad Karp, head count soared nearly 24% to 1,250 lawyers. That helped lead to a moderate rise in revenue per lawyer 6.3% ($2.11 million). Overall, net income for equity partners rose by 27.5% to $1.49 billion.
