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I see 93 associates and 46 of counsel on their website, against 151 equity partners. 1:1 leverage is pretty normal for midlaw.
There are 151 partners, but are you sure they are equity partners? A lot of firms have a lot of non-equity partners whose comp agreements (and lack of equity) are not public. It's easy to goose PPP numbers when only a few of the big rainmakers actually have equity.The Lsat Airbender wrote: ↑Tue Feb 13, 2024 2:52 pmI see 93 associates and 46 of counsel on their website, against 151 equity partners. 1:1 leverage is pretty normal for midlaw.
Looks like they are a high-end regional firm with exposure to energy, RE, and corporate work in markets where those practices are super busy (and with plenty of mid-market clients who tend to be rate-sensitive and therefore avoid biglaw). Not a lot to explain here.
Agree with all of this.nealric wrote: ↑Wed Feb 14, 2024 11:46 amThere are 151 partners, but are you sure they are equity partners? A lot of firms have a lot of non-equity partners whose comp agreements (and lack of equity) are not public. It's easy to goose PPP numbers when only a few of the big rainmakers actually have equity.The Lsat Airbender wrote: ↑Tue Feb 13, 2024 2:52 pmI see 93 associates and 46 of counsel on their website, against 151 equity partners. 1:1 leverage is pretty normal for midlaw.
Looks like they are a high-end regional firm with exposure to energy, RE, and corporate work in markets where those practices are super busy (and with plenty of mid-market clients who tend to be rate-sensitive and therefore avoid biglaw). Not a lot to explain here.
Keep in mind that even among equity partners, very few partners actually make the PPP number. It's usually a few rainmakers making big bucks and a bunch of rank and file making a fraction of that. Finally, the PPP numbers are not typically audited financials, so are subject to various games to goose the numbers.