Shutts & Bowen reports strong gains in 2015 revenues, profits
MIAMI – Feb. 18, 2016 — Florida business law firm Shutts & Bowen LLP reported sharply-increased record revenues, net income, and profits per partner in 2015.
Revenues and net income both increased by 8 percent. These results exceeded the firm’s projections on all counts, accelerating the pattern of steady growth the firm has maintained throughout the last decade’s economic cycles and outpacing overall industry results.
“I don’t recall a time when our firm was in better condition,” Executive Committee Chairman Bowman Brown said in announcing the results at the firm’s annual partnership meeting. “Not only did we have a terrific year last year, but I believe we are positioned to have a great year in 2016 — assuming the economy holds up.”
The firm reported a record $147 million in gross revenues, up from $136.6 million the year before, net income of $62.5 million, up from $57.4 million, and profits per partner of $740,000, up from $700,000.
Mr. Brown attributed the success to a focus on efficiencies, cost controls, strategic emphasis on certain practice areas, lateral hiring and intensified planning for the future.
In late 2015, the firm moved its Miami offices into new quarters — “an invigorating breath of fresh air,” Mr. Brown said — and updated and expanded all seven of its Florida offices in Fort Lauderdale, Miami, Orlando, Sarasota, Tallahassee, Tampa, and West Palm Beach.
Mr. Brown said the firm is concentrating on expanding the specialty practices of health care, intellectual property, construction litigation, and international and international tax law, among other areas.
“Matters coming to the firm appear to be increasingly larger and more sophisticated,” Mr. Brown said. “Our specialty practice areas are growing.”
The firm brought on 39 new lawyers in 2015 — with more than 270 lawyers around the state today — and has made way for a new generation of leadership by moving younger lawyers into equity positions while allowing some senior equity partners to ease into contract positions.
Going into 2016, Mr. Brown reported a 7 percent increase in accounts receivable and a 25 percent increase in works in progress, auguring well for 2016.
While celebrating the firm’s success, Mr. Brown emphasized that the current business environment for law firms is challenging and highly competitive.
He said that alternate-fee arrangements are becoming ubiquitous and in-house legal departments are growing rapidly, with out-of-state firms rapidly entering the lucrative South Florida market.
Mr. Brown told the partners: “While we have been able to successfully adapt and thrive in a tough environment, we need to stay agile and to make sure we are adapting to changes in the economy and the industry.”
About Shutts & Bowen LLP
Shutts & Bowen LLP, established in 1910, is a full-service business law firm with more than 270 lawyers in offices in Fort Lauderdale, Miami, Orlando, Sarasota, Tallahassee, Tampa and West Palm Beach. Learn more about Shutts & Bowen at www.shutts.com.
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