Financial services specialty firm BuckleySandler saw modest jumps in revenue and profits in 2012, with gross receipts of just under $100 million.
The firm's 25 equity partners took home an average of $1.8 million, up 8 percent from $1.665 million in 2011. Gross revenue at the 151-lawyer firm was $99.5 million, up 3.6 percent from $96 million in 2011. Net income at the firm rose 12.5 percent to $45 million.
However, revenue per lawyer fell from $760,000 to $659,000. The firm's headcount grew by 25 last year. In addition to partners, associates and counsel, BuckleySandler also now employs 34 so-called regulatory attorneys, who are not on the partner track.
The firm was formed in 2009 when firm Chairman Andrew Sandler, a former partner at Skadden, Arps, Slate, Meagher & Flom, joined forces with Jeremiah Buckley, founder of Treliant Risk Advisors and a former partner at Goodwin Procter. The firm has made its mark quickly, and now represents the top 10 largest banks in the United States, nine of the top 10 mortgage lending companies, the top 10 servicing companies and the top 10 credit card issuers
In 2012, the firm added two prominent laterals from the government - Thomas Sporkin, who headed the Office of Market Intelligence at the U.S. Securities and Exchange Commission, and Andrew Schilling, the former chief of the Civil Division of the U.S. Attorney's Office for the Southern District of New York. It also opened a new office in Orange County, California, and expanded its presence in New York.
Firm lawyers in 2012 represented First Virginia Community Bank in its acquisition of 1stCommonwealth Bank of Virginia; CommerceFirst Bancorp when it was acquired by Sandy Sprint Bancorp and EverBank on its acquisition of Metlife Bank's warehouse finance business. Lawyers also penned amicus curiae briefs on behalf of the American Bankers Association, Consumer Bankers Association, and Consumer Mortgage Coalition in response to several closely watched Truth in Lending lawsuits, and partner David Krakoff scored a major win in court for Leanne Spencer, the former controller of Fannie Mae, convincing a federal judge in November to dismiss a class action lawsuit.
This report is part of The National Law Journal‘s coverage of 2012 financial results of The Am Law 100/200. Final rankings and full results for The Am Law 100 will be published in The American Lawyer's May 2013 issue and on AmericanLawyer.com. The Am Law Second Hundred will be published in the June issue.