Buchanan, Ingersoll & Rooney reported a 3% drop in revenues and overall profits in 2009. The number of partners declined to 101 from 109. The number of lawyers employed by the firm decreased 10% to 439 from 487. Profits per equity partner and revenue per lawyer both increased by 5%. CEO and chair John Barbour attributes the increases to administrative cost-cutting, reduced associate compensation and the departures of some less productive lawyers. Buchanan’s real estate practice was impacted the most, with 6 lawyers leaving in 2009.
Founded in 1850, Pittsburgh based firm Buchanan, Ingersoll & Rooney is a general practice firm with approximately 500 attorneys and 16 offices including San Diego, Washington, D.C., Miami, New York and Philadelphia.
Posted by sara
on February 10, 2010. Filed under Home,Law Firm News,Legal News.
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Law firms of all sizes are being much more selective about who makes equity partner. Gone are the days where doing good work and putting in your time is enough to get you to a profit sharing level. Today, equity partners almost always have to prove that they can contribute their share to the firm. So what does this mean for associates and how can a two-tiered partnership track be beneficial? With a two-tiered partnership structure, associates get more time to prove themselves and also more time to determine whether partnership is the right goal for them. Two-tier partnerships (non-equity and equity) exist so the firm can train and develop associates into equity partners. The non-equity track to partner at most firms is on average, 6 years long. [...]
May 16, 2013 Read More
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