Business generated by new offices Reed Smith opened in Houston and Singapore helped push the law firm’s 2013 revenues to a record high $1.08 billion, up 6 percent from 2012.
The Downtown-based law firm, with 25 offices worldwide plus a global customer center in Pittsburgh, said profits per partner grew by 5.5 percent, to $1.14 million, up from $1.08 million the prior year. Revenue-per-lawyer was flat at $690,000, the firm said.
Reed Smith added nearly 100 lawyers last year for a total attorney head count of about 1,800 in the United States, Europe and Asia. Among the new attorneys were 41 associates. In Houston, where Reed Smith had long wanted to launch a presence to tap the booming Texas energy markets, the office has already grown to 40 lawyers from 17 when it opened early in 2013. The Singapore office, opened in 2012, has about 10 attorneys.
“Our geographic reach is highly attractive to clients,” Alexander “Sandy” Thomas, global managing partner, said in a statement on the firm’s 2013 performance.
While it continues to evaluate new global locations, it may also try to replicate the customer center in Pittsburgh that handles back office tasks and provides technical support to all Reed Smith offices on a 24/7 basis. A similar facility could be opened outside the U.S., Mr. Thomas said.
Last year, Reed Smith was 19th on American Lawyer magazine’s annual ranking of the top 100 law firms in the U.S. Another Downtown-based firm with global operations, K&L Gates, was 18th largest on the American Lawyer list.
K&L, also the largest Pittsburgh-based firm, last month said its 2013 revenues rose by 9 percent to $1.2 billion, from $1.1 billion in 2012. The firm has 2,000-plus lawyers in 48 offices. Growth last year resulted mainly from K&L’s merger in January 2013 with the Australian firm, Middletons, which added 300 lawyers and four offices to the K&L brand. The firm’s revenue growth also benefited from office openings in Houston; Wilmington, Del.; and Seoul, South Korea, K&L said.
Joyce Gannon: email@example.com or 412-263-1580.