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Bingham Sees Increased Profits, Revenue — Credits Downsizing
Bingham McCutchen saw both revenue and profits rise in 2008, the firm reports.
Gross revenue for the Boston-based firm totaled $767 million in 2008, a 3.2% increase over 2007; profits per partner went up 6.4% to $1.42 million.
The firm reports a 5.5% increase in revenue per lawyer, to $950,000; and a 6.7% increase in compensation for all partners, to $960,000.
Firm Chairman Jay Zimmerman points to the firm’s reduced head count, down 2.2% in 2008, as an important factor that contributed to this increase. The reduction allowed lawyers to maintain a high level of work, he said.
Bingham made several significant lateral hires in the second half of the year, beefing up its securities, antitrust and restructuring practices. The additions include securities lawyer Geoffrey Aranow, most recently the managing partner of Heller Ehrman’s Washington, DC, office; as well as restructuring partner Jeffrey Sabin from Schulte Roth & Zabel. The firm also brought on three antitrust partners from Clifford Chance in November.
Bingham McCutchen LLP is an international law firm with approximately 1,000 attorneys in 11 US offices and three international offices. It represents clients in corporate litigation, cross-border restructurings and insolvencies, financing and securities, government affairs and a wide variety of corporate and technology transactions.
The law firm was named 41st best company to work for in 2008 by Fortune.Bingham Sees Increased Profits, Revenue -- Credits Downsizing by Erik Even