Morgan Lewis Elects Phila. Litigator as New Chair
Milone, meanwhile, said he hasn't thought about what he'll do at Morgan Lewis once he's no longer chairman, but plans to spend the next year continuing to run the firm as he has been while helping to transition his role to McKeon.
McKeon said she intends to spend the next 90 days assembling her management team.
During Milone's run as chairman, Morgan Lewis has grown and kept pace with its industry peers. In 1999, Morgan Lewis was the 13th highest-grossing law firm in the country, according to the Am Law 100, with gross revenue of $429.5 million and profits per equity partner of $505,000. By 2009, the firm had edged up to No. 11 on the Am Law 100. Last year, Morgan Lewis landed at No. 12 on the annual rankings, with gross revenue of $1.23 billion and profits per equity partner of $1.55 million.
Much of the expansion in recent years has been a byproduct of other law firms imploding, including the nearly 150 lawyers from Brobeck Phleger after merger talks between the two firms collapsed.
Other mass hires followed. The firm gained partners from Howrey in Chicago and Irvine, Calif., when that firm went under in 2011. Last year, Morgan Lewis opened offices in Moscow and Almaty, Kazakhstan, with Dewey & LeBoeuf laterals, hiring 65 former Dewey lawyers in total in the United States and abroad.
Milone said one of the things he's most proud of about his tenure at the helm of Morgan Lewis is the firm's stability over the years, from its finances to its client service and commitment to its employees.
"There's something I think is very rewarding in having been one of the people — and it's been many who have done it — to be able to accomplish that kind of stability — to let people have good careers, good client service and to keep people employed," Milone said.
Sara Randazzo contributed to this report.