Am Law 100 firm Proskauer Rose’s profits per equity partner dropped 10% in 2008 to $1.4 million.
Revenues increased marginally, by 1%, to $634 million. Revenue per lawyer dipped slightly to $916,000.
Total headcount attorney rose slightly from 685 in 2007 to 692 in 2008. The number of equity partners was up two in 2008; 10 new non-equity partners also joined.
Unlike most Am Law 100 firms, Proskauer’s financial year ends October 31st, so the numbers only cover about a month and a half of the financial crisis prompted by Lehman Brothers’ mid-September collapse.
Despite this, the firm’s performance in November and December was roughly in line with the previous six months.
In 2008, Proskauer Rose added an office in Hong Kong, and announced plans to launch in Beijing. The firm also added a Chicago office following the hire of a three-partner insurance litigation team from Mayer Brown.
In December, the firm cut 35 associates and 25 administrative staff.
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[...] December, Proskauer laid off 35 associates and 25 staffers; and a few weeks ago the firm reported a drop in profits. In February, the firm poached a bankruptcy group from Winston & [...]
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