Am Law 100 firm Cravath, Swaine & Moore saw 2008 gross revenue fall 13%, while profits per partner dropped 24% to $2.5 million.
The firm announced last November that it was cutting associate bonuses.
Last year’s revenue was $532.5 million, compared to $610 million in 2007. Its costs — all expenses except partner income — actually fell last year, despite an enormous summer associate class of 160 and a large first-year class of 110.
Cravath, Swaine & Moore LLP is based in New York City, with an additional office in London. The second oldest firm in the US, Cravath was founded in 1819.
Posted by Erik Even
on February 20, 2009. Filed under Home,Law Firm News,Legal News.
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