Howrey, which saw a 35 percent drop in profits per equity partner in 2009, is poised to cut between 25 and 30 partners over the next several months, LegalWeek reports.
The cuts would equate to between 8% and 10% of the firm’s equity and non-equity partners.
Howrey saw its gross revenue drop by 16.3 percent to $480 million in 2009 and its PPP came in at $846,053, a significant decrease from the previous year’s mark of $1.299 million. Last month, before the financial results were released, CEO Bob Ruyak announced through an e-mail that there was not enough work available for all attorneys and staff and that layoffs would be forthcoming.
According to LegalWeek, Howrey said the cuts would not be based on partner performance. Instead, they will be in practice areas that do not fit with its main business of IP law, global litigation and antitrust.
Robert Ruyak, Howrey’s managing partner and chief executive, gave LegalWeek the following statement: “After an internal assessment we decided that we need to tighten up and be strong by focusing on our core areas.
“We added a number of partners laterally during the last part of 2009 and thus far in 2010, while a similar number are departing for firms and practices that should be a better fit for them. We do not expect the partnership to be substantially different in size by the end of the year to what it is now.”
Howrey was founded in 1956 and is headquartered in Washington D.C. It has over 700 attorneys and offices in Chicago, Los Angeles, New York, London, Munich, Taipei and several other locations.
Posted by joshua
on March 11, 2010. Filed under Home,Law Firm News.
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