Following the demand spike and lateral attrition that characterized 2021 for many law firms, Nixon Peabody used 2022 to staff up to meet sustained demand, make office spaces more efficient and diversify revenue streams in cyclical practices.
While billed hours were roughly the same as 2021, a 5-6% rate increase helped bump gross revenue up 4% to a record $548 million. Rising business expenses and lateral hiring reduced net income by 13.4%, but profits per equity partner were down just 6% thanks to partner retirements that reduced the equity ranks by 7.9%.
Nixon Peabody YOY financial chart
