K&L Gates Revenue Up 9.3 Percent, RPL Down 5 Percent
After remaining flat between 2011 and 2012, Pittsburgh-based K&L Gates saw its revenue grow by about 9.3 percent in 2013, a year that saw the firm's financials impacted significantly by its Jan. 1, 2013, merger with Australia-based Middletons.
The firm's gross revenue rose from about $1.06 billion in 2012 to $1.159 billion in 2013, with a larger chunk of that figure being generated by its overseas offices than had been the case the previous year.
The firm said in a statement issued Feb. 20 that its performance in 2013 "continued to reflect a challenged legal marketplace."
According to the firm, its revenue growth in 2013 was primarily driven by the Middletons merger, along with the opening of new offices in Wilmington, Del., and Houston and the commencement of operations in the Seoul office it opened in 2012.
The growth achieved through those moves was, however, "offset to a degree by a net decrease in revenues elsewhere in the firm resulting from reductions in productivity and collection performance," the firm said.
K&L Gates Chairman Peter Kalis declined through a firm spokesman to comment on the firm's numbers beyond the statement the firm issued.
In 2012, revenues from the firm's offices in the Asia Pacific, Europe and Middle East accounted for about 13 percent of the firm's total revenue.
In 2013, those overseas offices accounted for about 22 percent of the firm's gross revenue. The Asia Pacific region saw the most significant jump in revenue in 2013, from about $41.5 million to $147.8 million, which the firm attributed largely to the Middletons merger.
The rest of Asia, however, saw a net decrease in revenue of about 23 percent from 2012, which the firm attributed to the combination of "a net productivity decrease, unfavorable U.S. dollar exchange rates related to the Japanese yen and a modest headcount decline."