Foley Made ‘Great Strides’ in 2023 as Firm Sees Record Revenue and Profits
In the article, “Diversity of Practices Helped Foley Grow Revenue by 8.1%, Profits Per Equity Partner by 11.5%” The American Lawyer notes that strong demand across each of Foley’s major strategic sectors – including energy, health care and life sciences, innovative technology, and manufacturing – led to record growth.
“Each sector posted increases in revenue,” noted Foley Chairman & CEO Daljit Doogal, a success he attributed to the firm’s strategic plan and “having the right people.”
The firm’s revenue improved to $1.168 billion in 2023, up 8.1% when compared to 2022. Revenue per lawyer was up 7.7% and profits per equity partner grew 11.5% year over year.
Doogal said that “demand was unexpectedly strong in some practices, including litigation and intellectual property,” and that despite economic headwinds, a “welcome surprise” was strength from the firm’s transactional practice. He emphasized the importance of diversification to the firm’s increase in revenue despite a flat headcount.
“We have been able to get that balance,” he continued. “We have been very careful to not put all of our eggs in the same basket,” noting that investments in the innovative technology sector and the fund formation and investment management practices have been helpful.
The article also highlights a number of lateral hires made nationwide, including groups in Miami, Denver, and Texas, and growth in New York.
Doogal said that Foley “made some great strides” in 2023, and it is “so far so good” in 2024.
“I’m happy and proud of our people. We’ve got a great entrepreneurial group at this firm,” he added.
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