Gross revenue was virtually unchanged and profits per partner increased slightly on a year-over-year basis at Weil, Gotshal & Manges in 2009. The firm reported gross revenue of $1,233,054,282 in 2009, which barely betters the previous year’s mark of $1,230,801,620.
Profits per equity partner improved to $2,314,723 from $2,273,802, but revenue per lawyer declined slightly to $1,017,372 from $1,034,287.
Weil Gotshal is headquartered in New York City and has offices throughout the United States, Europe and Asia. It was placed under new leadership in December when Barry Wolf was named executive partner, replacing Stephen Dannhauser.
Posted by joshua
on March 8, 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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