Dickstein Shapiro reports 20% fall in revenue
Dickstein Shapiro has reported a 20 per cent fall in revenue in the last financial year, after having had “an investment year”. Chairman James Kelly explained that the firm has a portfolio of ongoing cases that didn’t have any income last year: “Just because you work a case in a particular year doesn’t mean you get paid on a case in a particular year,” he said.
Net income fell by almost 35 percent last year, while revenue per lawyer declined only 3 per cent. The firm also cut about 20 per cent of its lawyer positions last year.
Kelly said business from the firm’s 50 largest clients nearly doubled in the past five years, and explained that the firm is focussing on catering to those companies and plans to become a market-leading specialty firm.