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Smith Gambrell Sees Revenues Grow, Profits Fall Amid 2023 Merger

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Smith Gambrell Sees Revenues Grow, Profits Fall Amid 2023 Merger | Daily Report
















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Stephen M. Forte managing partner and chairman of the executive committee of Smith, Gambrell & Russell. (Courtesy photo)

NEWS

“We viewed ’23 as an important investment year for us to bring more scale for us and to be present in one of the major markets in a bigger way,” said managing partner Stephen Forte.

April 24, 2024 at 01:16 PM

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What You Need to Know

  • Smith, Gambrell & Russell saw its revenues rise for at least a ninth straight year in 2023.
  • But its profits fell as it absorbed the costs associated with its April merger with Chicago-based Freeborn & Peters.
  • Revenues rose 18% to $216 million but average profits per equity partner decreased 15% to $1.18 million in 2023.

Smith, Gambrell & Russell saw its revenues rise for at least a ninth straight year in 2023 but its profits fell as it absorbed the costs associated with its April merger with Chicago-based Freeborn & Peters.

The move added the litigation-focused Freeborn firm and gave Smith Gambrell a bigger foothold in Chicago after it added litigation boutique Figliulo & Silverman in 2022.

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