FisherBroyles, a “virtual” law firm that pioneered the work-from-home model, set a new revenue record in 2021 of $136 million—up nearly 30% from a year earlier.
The firm’s growth rate doubled from a year ago, when it became the first “non-traditional” firm to crack The American Lawyer’s list of the 200 largest U.S. firms by revenue, FisherBroyles said Friday.
The surge was propelled by the addition of 27 partners over the year. FisherBroyles also took on larger matters such as representing Ericsson against Samsung in multiple International Trade Commission cases and representing Nasaq-listed PFSWeb Inc. in a deal selling a business unit valued at $250 million.
The firm’s low-overhead business model represents a stark departure from Big Law. It allowed partners last year to keep more than 84% of the revenue the firm generated, FisherBroyles said in a statement.
“We have also hired more talent from our Big Law competitors; as more and more elite lawyers realize that at FisherBroyles they can service clients more efficiently, at more reasonable rates, while earning significantly more money in a more lifestyle-friendly environment,” firm cofounder James Fisher said in a statement.
The new partner pickups came mostly from large law firms. FisherBroyles hired 51 partners in 2020, when firm founders said their pitch to lawyers became easier with virtually all law firms working remotely.
FisherBroyles, founded in 2002, said its growth rate should propel it even higher on the list of the country’s largest law firms.