Law firm’s balance sheet saw uptick in 2012

The McGuireWoods building downtown.

The McGuireWoods building downtown.

A national publication last week offered a rare glimpse at the bottom line of one of Richmond’s biggest law firms.

McGuireWoods brought in $599.5 million in gross revenue in 2012, according to the National Law Journal.

That’s up 5.6 percent from 2011, when the downtown firm brought in $567.5 million in gross revenue and ranked 53rd on the annual Am Law 100 list of the nation’s top grossing law firms. Its net income was $176 million in 2012, up 8.3 percent from $162.5 million in 2011, according to the report.

Most law firms reveal little about their balance sheets, but McGuireWoods’s financial performance has become clearer in recent years thanks to its inclusion on the Am Law list and by being named to the Inc. 500 in 2011.

The National Law Journal reported that profits per partner at McGuireWoods were $945,000 for 2012, up 5 percent from $900,000. The average compensation for its 423 partners grew by 8.5 percent to $640,000 in 2012 from $590,000 in 2011.

McGuireWoods was the second largest law firm in Richmond in 2012, with 221 local attorneys, according to data gathered by BizSense.

Its Richmond lawyers might soon have a new roof over their heads, as the firm was named as the future anchor tenant of a planned $110 million, 275,000-square-foot tower on East Cary Street.

McGuireWoods’s lawyer headcount firm-wide was 941, according to the NLJ report. That’s up from 918 in 2011.

The full Am Law 100/200 will be released later this year by American Lawyer magazine.

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