K Street Stalls

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While many major K Street firms are still increasing their profits, the total improvement of profits over last year was 2.8% in the first half of the year, a significantly smaller increase than recorded over previous years. Doing best these days are firms tilted heavily towards the majority Democrats or those with a strong bipartisan staff. The biggest growth rate was seen by the Podesta Group, a Democratic firm, pulling in 47.4% more than the 2007 first half.

The presidential election year and the slow economy have a lot to do with the K Street slowdown. (Of course, by slowdown, I mean smaller increases in profits; not exactly a slowdown, except in terms of the previous exponential growth rates posted over recent years.) Top ten earners were:

Patton Boggs – $20.5 million (+5.7%)

Akin Gump Strauss Hauer & Feld – $17.8 million (+17.1%)

Van Scoyoc Associates – $14.5 million (+16%)

Cassidy & Associates – $12.1 million (-1.6%)

Dutko Worldwide – $10.4 million (-4.1%)

Hogan & Hartson – $10.2 million (+8.5%)

BGR Holdings – $10.2 million (-11.4%)

Ogilvy Government Relations – $9 million (-27.2%)

Williams & Jensen – $8.6 million (+6.0%)

K&L Gates – $8.0 million (+23.5%)

Both Roll Call and The Hill filed reports on this.

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