Paul Schmidt Points to Strategic Plan, DADM Practice and More for Firm Success

News / February 19, 2021

Firm Chairman Paul Schmidt shared details on how, despite the challenges of the pandemic, BakerHostetler finished 2020 with impressive growth, in an article published Feb. 19, 2021, in American Lawyer. The article, “Strategic Plan, New Data Practice Carry BakerHostetler to 26% Profit Jump,” reports that the firm boosted revenues by 7.8% to hit $789.4 million last year, and increased profits per equity partner by 26.1% to reach $1.6 million, another record high. “We experienced consistent and steady growth across every metric,” said Schmidt.

Schmidt credited a number of sources for the success, including a deepening relationship with existing clients – 89% of the top clients relied on the firm in multiple practice areas – and the Digital Assets and Data Management (DADM) Group, which launched at the beginning of 2020 and was the firm’s busiest practice group over the course of the year. However, it was the Five-Year Strategic Plan that provided a “road map to make progress in the midst of uncertainty,” said Schmidt. “It allowed us to stay focused on priorities and make better advancement and cost-containment decisions.”

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