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Profits and Revenue Down at O’Melveny for Second Year Running
O’Melveny & Myers has reported a second year of revenue and profit loss. The Los Angeles-based firms litigation department, composing 55% of the companies lawyers, has been receiving pressure from clients to lower rates. Coupled with a continuation of the economic downturn, 2009 has seen a gross revenue of $826.6 million, an 8.9% percent drop. The firms average equity partner showed a profit of $1.47 million, down by 4.2%. Laying off 90 lawyers last March, O’Melveny & Myers has seen a 7.9% decrease in total employees, and a 1% decline in per lawyer revenue to $960,000. On a brighter note, the firms expansion in Asia to around 100 lawyers was a factor leading to the growth of its nonequity partners by 33%.Profits and Revenue Down at O'Melveny for Second Year Running by daniel
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