Boies Schiller Reports Significant Growth Driven by Contingency Cases
April 22, 2025, 2:02 pm CDT
Image from Shutterstock illustrating the financial success.
Boies Schiller Flexner has experienced remarkable financial growth in the past year, reporting a 57.5% increase in gross revenue. The firm’s gross revenue reached $387.4 million in 2024, up from $246 million the previous year, according to Law.com.
A key factor contributing to this surge in revenue has been the firm’s success in contingency cases, which accounted for more than 40% of its earnings for the year. This funding model has proven to be beneficial, particularly in high-stakes lawsuits such as the Blue Cross Blue Shield antitrust case and several actions against banks for their connections to Jeffrey Epstein.
Financial Metrics and Future Outlook
In terms of productivity, the average revenue per lawyer surged to $2.1 million in 2024, compared to $1.6 million in 2023. This increase highlights the enhanced efficiency and client engagement strategies within the firm.
Matthew Schwartz, the chairman of Boies Schiller, expressed optimism regarding the firm’s future trajectory, stating that they are poised to navigate upcoming challenges due to a growing demand for legal services and an anticipated increase in their lawyer headcount. Schwartz mentioned that while the past year was extraordinary, it is perhaps unlikely to be replicated soon solely from contingency payouts. Nonetheless, he cited promising cases lining up on the horizon.
Industry Context
The impressive growth of Boies Schiller stands out against a backdrop of the broader legal industry. For instance, another prominent firm, Paul, Weiss, Rifkind, Wharton & Garrison, experienced a gross revenue increase of 31.6%, bringing its total to $2.6 billion. In contrast, Kirkland & Ellis maintained the highest earnings among Am Law 100 firms with a remarkable $8.8 billion.
Changes in Workforce Dynamics
While the firm’s headcount faced challenges, dropping from 320 lawyers in 2018 to 150 in 2022, there are plans for a rebound. By the close of 2025, it is expected that the number of lawyers could be close to 200, indicating positive growth and a renewed commitment to expanding the firm’s resources.
Schwartz’s reflections capture the sentiment at Boies Schiller: “It was an extraordinary year and probably not a replicable year any time soon, from the contingency payout perspective, but we have some excellent cases on the horizon,” he noted, signaling confidence in the firm’s strategic direction despite past fluctuations.
