“We’re very happy with our performance,” says Kenneth Cutler, managing partner of Dorsey & Whitney, where profits per partner rose 11 percent, to $605,000. Cutler, who’s worked at Dorsey for 41 years, says 2014 was the most profitable year in the Minneapolis firm’s history.
Revenue growth was more modest. Gross revenue increased 3.8 percent, to $338.5 million, and revenue per lawyer rose at the same rate, to $675,000. Growth was driven by a strong year for deals, including The Mosaic Co.’s $1.4 billion acquisition of CF Industries’ phosphate business, and Liberty Global’s acquisition of 20 percent of Chile’s largest cable operator, VTR, for $422 million in March.
