Herbert Smith Sees Profits Plummet

City of London law firm Herbert Smith saw profits fall 22% in 2008, plummeting below £1 million ($1.65 million).

Partners will see earnings drop from £1.04 million to between as low as £808,000 ($1.33 million) for financial 2008-09.

The firm made a profit last year.

Herbert Smith in April announced a redundancy consultation at its London HQ, targeting 84 positions; but no one was fired after staff members signed on for voluntary redundancy or alternative working arrangements.

Herbert Smith was founded in the City of London in 1882 by Norman Herbert Smith, and today has 230 partners and 1,200 fee-earners. It is widely considered to be the UK’s leading litigation practice.

• Pinsent PPP Down, Confirms Layoffs
• Herbert Smith Avoids Involuntary Redundancies
• Ledingham Chalmers Sees Profits Fall, Will Not Hold Layoffs
• SJ Berwin PPP Plummets 50%
• Dundas & Wilson Profits Down 12%

Posted by Erik Even on June 11, 2009. Filed under Home,Law Firm News,Legal News,World News. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry