Hogan & Hartson’s revenue and profits fell flat in 2008, after a record year in 2007.
The firm reports that gross revenue in 2008 rose 4.8 percent to $922.5 million, but the firm's revenue per lawyer stumbled a bit, falling 2 percent to $833,000. Hogan's profits per partner slid 1.69 percent to $1.17 million.
In 2007, the firm reported gross revenues of $880 million and profits per partner of $1.19 million.
Firm chairman J. Warren Gorrell says that despite the slight dip in profits, he considers 2008's numbers to be "pretty strong."
Gorrell says the firm did particularly well in its intellectual property, life sciences, white collar, and energy practices in 2008. The boom in business in 2007 was driven largely by merger and acquisition work, which he says fell off dramatically at the end of 2008.
"It was a good year for us across the board," Gorrell says, "2007 was a banner year for us, so this year's profits are basically flat. We were tracking ahead of '07 until about mid-October, so we were very happy with last year."
Hogan also jumped about 7 percent in its total lawyer headcount in 2008, going up to 1,107.
As Hogan moves into 2009, however, Gorrell says the firm is taking a cautious approach to the uncertainty in the marketplace. On Feb. 10, the firm offered voluntary buyouts to 240 staff members, including 149 in Washington.
When the buyouts were announced, Gorrell told Legal Times that they were a way avoid layoffs, which many firms have announced in recent weeks.
Hogan has also pushed back the start date for this year’s incoming associate class to Nov. 30.