Shutts & Bowen was ranked No. 159 in the 2019 American Lawyer’s (AmLaw) list of top grossing law firms in the country, jumping ten spots higher in the rankings since 2017. The 2019 ranking marks the fifth consecutive year that Shutts has climbed the AmLaw 200 ladder, from No. 174 in 2014 to No. 162 in 2018. The firm saw double-digit growth in both revenue and profits, 10.6 percent and 10.5 percent respectively; making Shutts one of only three Florida firms in the AmLaw second hundred to move up in the rankings. The upturn is accredited to significant successes in recruitment and lateral hires, as well as the growing Florida economy.
Tracking law firm growth and earnings, the American Lawyer compiles results from its annual survey and creates its AmLaw 100 and AmLaw 200 rankings. The Firm’s gross revenue rose by over $16 million in the fiscal year ending Dec. 31, 2018, making Shutts the second largest Florida firm by revenue in the AmLaw 200. As in previous years, Shutts outranked the average among its peers in both value per lawyer, at No. 88, and in profits per lawyer, at No. 89. The numbers prove that Florida is indeed one of the fastest growing legal markets in the country. While the average gross revenue increase for firms overall was 3.1 percent, Florida firms in the lower half of the AmLaw 200 saw nearly double that of the national average in their revenue growth. In fact, Shutts was one of only eleven AmLaw 200 firms that saw a revenue increase of more than 10 percent.
Shutts & Bowen’s overall strategic growth will continue to progress in 2019 as recruitment efforts for top talent proceed. Accordingly, the rise in headcount of 5.1 percent is expected to increase by next year’s list.
Bowman Brown, Chairman of Shutts & Bowen’s Executive Committee, attributes the accelerated profit growth to low marginal costs. “One thing we do well is control costs,” said Brown, adding that even as the firm hired dozens of new attorneys, the marginal costs for new hires did not increase thanks to existing infrastructure.
About Shutts & Bowen LLP
Shutts & Bowen LLP, established in 1910, is a full-service business law firm with approximately 300 lawyers in offices in Fort Lauderdale, Jacksonville, Miami, Orlando, Sarasota, Tallahassee, Tampa and West Palm Beach. Learn more about Shutts & Bowen at www.shutts.com.