Profits for Los Angeles-based Latham & Watkins fell 21% in 2008, one of the biggest falls so far reported by an Am Law 100 firm. Profits per equity partner fell from $2.27 million in 2007 to $1.8 million in 2008.
The firm also saw a dip in revenues, a 4% decrease to $1.9 billion has knocked the firm back below the $2 billion mark. Last year, Latham and Skadden, Arps, Slate, Meagher & Flom became the first two firms of The Am Law 100 to break past the $2 billion level in gross revenue.
The firm continued its international expansion in 2008, with new offices in Dubai and Qatar.
Latham also grew in Asia with a seven partner corporate team in Hong Kong, hired from Allen & Overy. In November, the firm announced 30 partner promotions worldwide, one more than in 2007.
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