The American Lawyer has been piecing together the evidence, and finds that Akin Gump Strauss Hauer & Feld has lost more partners than any other firm the site tracks.
From Above the Law:
Akin lost 17 percent of its partners to competitors, small firms, in-house positions, and government jobs. Some of those defections were anticipated–fallout from strategic shifts in the firm’s practice groups and management structure. But others were a surprise…
While losing 59 partners hasn’t been easy, [Bruce] McLean, who has been Akin’s chairman for the past 16 years, expects that the slimmed-down practice areas will pay off. In 2007 the firm saw profits per partner fall nearly 7 percent to slightly more than $1.2 million, putting it sixtieth on The Am Law 200 partner profit charts.
But in early January he predicted that profits per partner grew as much as 10 percent in 2008 as a result of the shake-up, “What we are seeing is a slimmed-down firm generating more profits,” says McLean. At least, that’s the plan.
Via ATL via AmLaw and The BLT.
Posted by Erik Even
on February 3, 2009. Filed under Home,Law Firm News.
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