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Dickstein Downsizes View Count: 199
Dickstein Shapiro has reduced their staff recently, laying off a lot of their New York office associates and some of their D.C. associates. They explained their decisions in a memorandum, and one spokesperson explained, according to Above the Law:
We periodically review the firm’s staffing to ensure that it is properly aligned with changing firm and client needs and make adjustments accordingly. We also continue to invest in practice areas which enhance our competitiveness and long-term success.
An utterly banal and unenlightening explanation, and considering their success last year, it is a bit inexplicable. The BLT talked a bit about the firms 2012 adventures:
On paper, Dickstein Shapiro’s fiscal year 2012 financial metrics represented a big change from 2011. Whereas gross revenue held steady in 2011, last year it dipped 3.2 percent to $258.5 million. But revenue per lawyer, profits per partner and net income all showed strong growth. Revenue per lawyer climbed 7.7 percent to $840,000 and profits per partner increased 3.8 percent to $950,000. Net income had the largest gain of any metric category, jumping 8.9 percent to $55 million.
“From the perspective of our firm, we thought it was a good year,” chairman Michael Nannes said. “We know it’s a challenging time.”
It was Above The Law’s assessment , though, that the decision to downsize was Dickstein’s response to losing a $482 million jury award to Dickstein client Bruce Saffran who had sued Johnson & Johnson.Dickstein Downsizes by Daniel June