Pepper Hamilton Grows Revenue 5.4 Percent
Late in the year, the firm was involved in the $43 million initial public offering for TetraLogic Pharmaceuticals, the $154 million sale of Peoples Financial Services to Penseco Financial Services, and IBM's acquisition of Fiberlink Communications.
"We're very busy and are again being challenged for resources," Green said.
Overall, the firm added 17 attorneys to its ranks in 2013, growing its headcount by 3.4 percent, from 493 lawyers to 510 lawyers.
Meanwhile, the firm's revenue per lawyer rose by 2.1 percent, from about $720,000 in 2012 to $735,000 in 2013.
The firm also grew its profits per equity partner (PPP) by about 3.6 percent, due to the combination of a 0.8 percent increase in net income, from about $132.5 million to about $133.5 million, and a 2.5 percent drop in its equity partnership tier, from 157 attorneys to 153 attorneys.
Meanwhile, the firm's nonequity partnership tier grew by 14.5 percent, from 62 attorneys to 71 attorneys.
But Green said that shift in the partnership ranks is due to the firm's "unique system," in which partners are determined to be either equity or nonequity based on their annual compensation.
According to Green, the firm does not elect equity partners. Instead, attorneys become equity partners once they cross a certain threshold of annual compensation. Last year, Green explained, the line was $475,000, so any partners who were paid less than that dropped into the nonequity partnership tier.
According to Green, partners' annual pay is set by the firm's compensation committee and based on each partner's productivity in a given year.
Assessing 2013 as a whole, Green said the firm was pleased with its performance and is now positioned to have a strong year in 2014.