King & Spalding increases revenue and profits
King & Spalding increased revenue by 6 per cent to $718.2 million in 2010, while profit per equity partner jumped almost 18 per cent from $1.47 million in 2009 to $1.73 million in 2010.
The firm’s chairman, Robert D. Hays, said a key part of the firm’s success was a strategy of pursuing only high-dollar, highly profitable work. "We are selective in the work we do," he said, adding: "We are not interested in doing work that is lower-value and lower-profit. You've got to have that discipline or everyone will want to do everything." Hays said the firm also raised rates, increased billable hours and made a number of innovations to cut costs, such as using more contract attorneys and outsourcing some work.
The firm has done away with its trusts and estates practice, and has given its intellectual property department a severe pruning, while adding lawyers in lucrative areas such as international arbitration, energy and finance.