Foley in a ‘Position of Strength’ as Revenue and Profits Continue to Improve
In the article, “Foley & Lardner in a ‘Position of Strength,’ as Revenue, Profits Improve in 2022,” The American Lawyer notes that Foley “posted 5.4% higher revenue in 2022 and profits per equity partner improved by 2.5%, as the firm focused on sectors of the economy identified in its strategic plan—energy, manufacturing, life sciences and health care, and innovative technology.”
“It’s a combination of the business and the strategic plan taking hold, and also some great growth as a law firm,” said Daljit Doogal, Foley’s chairman and CEO.
Doogal said that revenue grew in the strategic sectors, largely due to a “solid performance” by the Business Law Department, including corporate, transactions, and M&A. Increased demand in the Litigation Department also helped fuel the revenue growth.
Revenue improved to $1.08 billion in 2022, up 5.4% compared to $1.025 billion in 2021. Revenue per lawyer was up 2.9%, and profits per equity partner were up 2.5% from the previous year. Foley also grew, with attorney headcount rising 2.5% in 2022, adding a total of 17 attorneys in Salt Lake City, 25 attorneys in Florida and six in California, illustrating hot spots for the firm’s growth.
Looking ahead to 2023, Doogal commented that he’s encouraged by how this year is shaping up and that the better-than-expected performance so far this year is due to stronger demand in litigation and intellectual property.
The firm is in a “position of strength,” coming off a successful year, Doogal said.
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