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The American Lawyer: O’Melveny Posts Record Income, Profit Growth in 2018February 28, 2019
O’Melveny achieved new record levels in profits per equity partner (PEP) and net income, as well as strong growth across other measures, in 2018. “The firm hit on all cylinders in the last year,” said New York-based chair Bradley Butwin, noting that “the financial performance was primarily driven by increased demand, not by rate increases or cost controls.”
In 2018, O’Melveny successfully represented AT&T and Time Warner in the Department of Justice’s challenge to their $85.4 billion merger. The bankruptcy practice continues to guide the Puerto Rican government in its restructuring efforts, and is now advising California on the PG&E bankruptcy. Additionally, the firm’s entertainment, sports and media practice represented David Tepper in his purchase of the Carolina Panthers.
O’Melveny’s transportation practice continued to grow in 2018 as O’Melveny advised clients in a $10 billion plan to redevelop JFK Airport in New York. The colleges and universities group stayed busy in the wake of the #MeToo era representing Harvard University in a Title IX case and advising the University of Southern California’s Board of Directors in an alleged sexual harassment investigation.
The firm also promoted nine new partners for 2019, almost 80% of whom are women, people of color, or LGBT lawyers. “It’s not just about promoting people, it’s getting them to the point that they’re able to cross the line,” added Butwin.
“As you can see from our financials and our client-related results, we’re very focused on serving our clients and our firm, and we’re looking forward to a strong year in 2019,” Butwin said.
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