In a report released on Thursday, profits per equity partner at firm Sonnenschein Nath & Rosenthal dropped 3% in 2009. Gross revenue remained flat. Profits per partner fell from $804,000 in 2008 to $780,000 last year. Gross revenue fell from $473 million in 2008 to $472.5 million in 2009. Despite this, Sonnenschein chair Elliott Portnoy said that the firm is pleased with their performance in 2009.
Last year marked the second straight year the firm reported lower profits. In 2008 profits dropped an estimated 2%. The firm also restated gross revenue for 2008 yesterday. Initially gross revenue for 2008 was reported at $492 million but was adjusted Thursday to $473 million. Sonnenschein attributed the discrepancy between the figures to a change in accounting. Last year Sonnenschein cut associate compensation and cut about 20 lawyers, including income partners.
Sonnenschein was founded in 1906. It has 13 offices in the U.S. and Europe and more than 700 lawyers.
Posted by sara
on January 22, 2010. Filed under Home,Law Firm News,Legal News.
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