Posts Tagged ‘K Street revenues’

Recession brings in the bacon for K Street

Monday, September 27th, 2010 by Vbhotla

A down-economy has been a boon for lobbying firms, according to an article by the Washington Post. The article focuses on cash flow in both law firms and lobbying firms in DC, over the past two years.

Massive layoffs in law firms in 2009 and slower flow of business since the start of the recession in 2008 have been detrimental to the organizational health of most law firms in the DC area. But a focus on regulatory law and advice has led to success for some firms.

Certain firms are building strategic practice groups of lawyers with regulatory focus in some of the past year’s biggest legislative issues – environmental policy, healthcare law, and financial regulatory policy.

Lobbying firms are stronger this year than ever before. Almost all of the top ten lobbying firms (by revenue), reported revenue increases over the past several quarters. According to the Post, only three of the largest law firms in the area have increased their attorney count, and two of them, Covington & Burling, and Patton Boggs, also have a very strong government relations / lobbying side to their business.

The Post notes this “synergy” and quotes Bruce Heiman of K&L Gates, saying that the double-sided nature of law plus lobbying may bring greater success, saying that even placement of a comma in a legal document might be the difference between success and failure in a client’s bill: “You just have to [see] that once or twice to pay very close attention to what is it that you’re lobbying for and thinking about how a judge will ultimately interpret the language … I think that gives you a perspective on things that some folks don’t have.”

Washington Post article is here: “Law firms have struggled, but recession proved to be bullish for lobbying shops.”