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Paul Weiss Enjoys Solid 2008 View Count: 102

Am Law 100 firm Paul, Weiss, Rifkind, Wharton & Garrison had a solid 2008, with both revenue and profits on the rise.

Gross revenue reached $692 million, up 6.3% from 2007; and profits per equity partner climbed to $2.65 million, up 2.3%. At $1.07 million, revenue per lawyer was flat. Head count at the firm, a traditional one-tier partnership, grew by 6% to almost 650 lawyers.

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In 2008, the firm handled several high-profile matters, most notably its successful defense of Citigroup in a $2 billion lawsuit in which Italian dairy giant Parmalat charged that the bank contributed to the fraud that led to its bankruptcy. Jurors awarded Citigroup $364.2 million; Parmalat got nothing.

Paul Weiss is representing Bear Stearns in securities suits arising from the investment bank’s failure, and also counts two of Bernard Madoff’s sons as clients.

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Recent lateral hires, including Beth Wilkinson, the former general counsel of Fannie Mae, and Walter Ricciardi, a deputy director of the SEC, should prove to be client magnets.

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Posted by on January 25, 2009. Filed under Home,Legal News. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

 

 

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