Lobby shops’ first quarter is mixed bag

[Joanne98]

K Street lobbying firms saw mixed results in their revenue stream as a new president took office, a new Congress was sworn in and the economy took a downturn.


Several of the most prominent firms saw a rise in income compared to this time last year but two of the top lobbying shops saw drop.



Monday was the deadline for firms to report fees for the first quarter of 2009. Many posted substantial gains over what they earned in 2008’s first quarter.


Several firms credited President Obama with their rise in revenues.


“I don’t know if the president intended to help our business,” said Mike Ferrell, chairman of Venable’s legislative practice group.


Ferrell said the changeover in the administration has helped boost his firm’s earnings this year. The group reported fees of about $2.8 million for 2009’s first quarter, a more than 34 percent gain over the same period in 2008.


Obama’s push for a move involved, activist government has led companies to be “excited, interested and concerned on what the change means for them from a practical and financial standpoint,” Ferrell said.


He noted that plans on Capitol Hill for renewed financial regulations have led companies to come calling his firm and others. Also, changes in how the Homeland Security Department will be funded and anticipated tax reform have led to more client registrations and more fees for Venable.


“We are going to see a continued surge of activity as more flesh is put on the bone for the administration’s economic plans,” Ferrell said.


Venable was not alone in seeing an increased income.


The Podesta Group posted a more than 50 percent gain from its first quarter last year, taking in $5.2 million in the first three months of 2009. Holland & Knight took in $5.1 million for this latest quarter. That is about a 37 percent gain over its showing in the same period in 2008.


Brownstein Hyatt Farber Schreck had a 12 percent gain from its performance in last year’s first quarter, posting revenues of $3.8 million. And K&L Gates took in $4.7 million for this quarter, which works out to about 20 percent more than the firm did in 2008’s first quarter.


“The stimulus bill was a powerful engine in Washington for a lot of people like us,” said Mark Ruge, co-chairman of the public policy and law practice group at K&L Gates.


Legislation like the stimulus, the Troubled Asset Relief Program and various appropriations measures are “money bills,” Ruge said. The firm’s clients are gearing up for bills dealing with energy, healthcare reform and education.

http://thehill.com/leading-the-news/lobby-shops-first-quarter--is-mixed-bag-2009-04-20.html

What happened to the "war on lobbyists" we were suppose to have?