GrayRobinson Revenue Up 4%, Profit Margin Down
GrayRobinson posted $138 million in gross revenue in 2013, up 4 percent from 2012. However, profit per partner and the Orlando-based firm's profit margin were stagnant.
Firm president and managing director Byrd "Biff" Marshall said he was pleased with the firm's performance in 2013 even though it reflects slower growth than in previous years.
Other financial results for GrayRobinson were essentially unchanged from the previous year with the exception of total compensation to non-equity partners, which rose 10 percent to $5.5 million from $5 million.
Net income was up less than 1 percent to $66.5 million. Its profit per partner was the same for the past two years at $430,000.
The profit margin dipped two percentage points to 48 percent.
Revenue per lawyer was up 3 percent to $495,000 from $480,000 in 2012.
The firm had a net increase of two lawyers for growth of less than 1 percent to 280. One equity partner was added for a total of 155, or 55 percent of the firm's lawyers. Another 22, or 8 percent of the lawyers, are non-equity partners.
"We're happy with how the firm has ended up in these challenging times," Marshall said. "If income and profits per partner are flat but expenses went up, we're happy with that."
Health care costs went up sharply at the firm, Marshall added. He declined to give a percentage but said it "by far" accounts for the biggest boost in expenses at the firm.
With offices in 11 Florida cities, GrayRobinson had been one of the fastest-growing law firms in the state. A full-service firm, GrayRobinson has seen significant growth in its real estate and land use practices, particularly in South Florida, Marshall noted.