DLA Piper 2006 profits scale up 17%, hires new COO

03/22/07

DLA Piper 2006 profits scale up 17%, hires new COO

DLA Piper's global revenue for the year ending 31 December 2006 rose by 17% as compared to 2005. The revenue figures now rest at $1.8 billion. The firm's 2005 revenues stood at $1.54 billion. The firm's profits per equity partner also rose simultaneously by 14% from the earlier U.S. $1.2 billion during the same period.

The robust financial well-being also augurs well for the firm. It will help the firm climb the rungs of the annual rankings too, opines observers. On the flip side, lawyers may jump ship, lured away by better offers. Despite the overall rise, the firm's Washington offices saw net compensation drop by 5.8 percent to $34 million. It continued to lose out on attorney headcount post merger to 11.1% from 212 to 188 overall in Washington in 2006.

With 3,200 lawyers in 24 countries across continents, DLA Piper's pro bono participation also increased tremendously. In the U.S. alone, 85% of firm's attorneys offered voluntary services for 20 hours or more as compared to 63% during the previous year. This year, they logged more than 116,000 pro bono hours, representing a 30% increase in the U.S.

Meanwhile, the firm also appointed former Investment Bank Chief, David Crookston, as its new Chief Operating Officer (COO) for Europe, Asia, and the Middle East offices.

David, who comes from JP Morgan, has 20 years of financial services experience besides which will benefit DLA Piper's service areas. This newly created role follows the firm's management review. The new COO will supervise all the service areas including business development, HR, IT, and facilities, knowledge, and risk management.

New law firm in Waukesha formed
A new litigation-oriented firm, Grady, Hayes & Neary LLC, opened shop at Waukesha. The firm's debutant group earlier served The Schroeder Group S.C. in the same area. The group comprises four shareholders - Scott Grady, Lance Grady, Stephen Hayes, and Elizabeth Neary, besides litigation associate Daniel Miller. The new firm will concentrate on a wide range of practices. These include business and banking law, civil and commercial trials, appeals, adoption, surrogacy and children's law, municipal law, construction defect litigation, insurance coverage disputes, and complex insurance lawsuits. The attorneys have experience in these areas of practice from their association with The Schroeder Group.

FUN NEWS

Tuck tucks-in $2,500 for owning the rottenest sneakers
Katharine Tuck, 13, of Tooele, UT, beat six other contestants from around the country to claim the title of the rottenest sneakers. The seventh grader's sneakers won her $2,500 in the 32nd annual National Odor-Eaters Rotten Sneaker Contest. The contest, founded in 1975, was sponsored by Odor Eaters, an anti-foot odor products' manufacturer. Each contestant was required to jump and take a full turn at one place before passing the dilapidated sneakers to the judges. Sneakers were judged on their overall conditions and most importantly on their odors. Foot sweat thus played an important role in the contest. The winning sneakers were "ripped on the right toe, with red and yellow duct tape holding one together and frayed laces on both," reports Associates Press. The contest was judged by NASA "Master Sniffer" George Aldrich and Dr. Joel Goodman, founder and Director of The HUMOR Project.