Spencer Fane, once a regional law firm in the Midwest, has significantly bolstered its revenue and partner profitability in recent years.
According to the latest rankings from the American Lawyer, Spencer Fane has surged to No. 142 among the nation’s top-grossing firms, reporting $266.8 million in revenue for 2023.
This marks a remarkable 139% increase in revenue since 2018, the highest growth percentage among all Am Law 200 firms, as reported by Law.com.
According to the ABA Journal, During this period, Spencer Fane expanded its presence from 243 lawyers across eight states to approximately 419 lawyers spanning 14 states and the District of Columbia.
Average profits per equity partner at Spencer Fane have reached $779,000, reflecting a 24% increase over the past three years.
Described as a model for law firm growth strategies, Spencer Fane’s success story includes strategic additions of practice groups, mergers, and expansions into major and emerging markets, both in equity and non-equity tiers.
Pat Whalen, the firm’s chair and managing partner, highlighted Spencer Fane’s cultural ethos and operational policies in an interview with Law.com.
He spoke about the firm’s culture of autonomy, where office work policies are not uniformly mandated, and the introduction of newly hired partners starting as nonequity partners with equity-partner compensation.
Whalen also noted Spencer Fane’s strategy of maintaining billing rates at the lower end compared to peer firms, aimed at enhancing client value and market competitiveness.
Looking ahead, Whalen identified mergers as a pivotal strategy driving the firm’s future trajectory. He anticipates that strategic combinations will play a significant role in Spencer Fane’s pursuit to break into the Am Law 100, a list of the top-grossing firms in the United States.
