The Am Law 100, the Early Numbers: Sidley Austin Sees Growth Across All Fronts
In Carter Phillips' first year as chair of Sidley Austin, the firm notched growth of greater than 7 percent in both gross revenue, to $1.6 billion, and net income, to $547 million. Profits per partner and revenue per lawyer rose approximately 4 percent, to $1.875 million and $945,000, respectively, according to The American Lawyer's reporting.
At the same time Sidley expanded substantially on three fronts— nabbing a 10-partner securities regulation group from Bingham, plucking 29 Dallas lawyers from Weil, Gotshal & Manges and building a 25-lawyer Singapore office within a year of obtaining a coveted license last February.
Phillips says that "taking advantage of extraordinary opportunities" was the "most exciting part" of law firm leadership, and that he would "continue to hold ourselves out as an attractive landing point."
Phillips said that the New York office had an "extraordinarily successful" year, powered by its representation of J.P. Morgan in mortgage-backed securities litigation. Other leading clients last year included Airbus S.A.S. and the People's Republic of China in World Trade Organization disputes; the distiller of Jim Beam bourbon in the run-up to its $16 billion sale announced this January; and Microsoft Corporation in a trial victory over Motorola Mobility Inc. (now pending appeal) that set the benchmark for reasonable and nondiscriminatory patent royalties.
This report is part of The Am Law Daily's early coverage of 2013 financial results of The Am Law 100/200. Final rankings and full results for The Am Law 100 will be published in The American Lawyer's May 2014 issue and on AmericanLawyer.com. The Am Law Second Hundred will be published in the June issue.