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Profits per equity partner managed to increase five percent at Milbank, Tweed, Hadley & McCoy in 2009 despite a slight drop in gross revenue.
AM Law Daily reports the firm’s revenue decreased to $601.5 million last year, while profits per equity partner increased to $2.23 million and revenue per lawyer was up five percent to $1.126 million. The number of partners in the firm fell from 145 to 140.
Chairman Mel Immergut told AM Law Daily the firm was happy with the results, especially after a tough first-half of the year that saw Milbank layoff 49 associates and 40 staff.
Milbank, Tweed, Hadley & McCloy is based in New York City and has offices in Washington DC, Los Angeles, London, Frankfurt, Munich, Tokyo, Hong Kong, Singapore and Beijing. The firm has approximately 550 lawyers.
