White & Case Profits Fell in 2008, Despite Layoffs

Erik Even — Tue, 10 Feb 2009 20:14:41 +0000

New York City’s White & Case reports it profits per equity partner fell by 5% in 2008 to $1.6 million. The decrease came despite a 7% rise in revenues to $1.467 billion.

The firm laid off 70 associates last November.

Revenue per lawyer fell from $720,000 to $705,000, and continues to lag behind many Am Law 100 competitors such as Latham & Watkins, Mayer Brown, and Orrick, Herrington & Sutcliffe.

In December the firm announced a reorganization of its management structure, following a four month review of its operations by management consultants McKinsey & Co. The changes mean that the firm is now run more closely along regional lines, rather than by office, and has placed renewed focus on 16 global practice groups.

There are no plans for additional layoffs.

Founded in 1901, White & Case LLP is a leading global law firm with 2,300 lawyers in 38 offices in 25 countries, and a total staff of more than 4,800.

Dinsmore & Shohl Sees 2008 Revenue Rise; Recruits in Midwest

Erik Even — Fri, 30 Jan 2009 19:30:53 +0000

Cincinnati’s Dinsmore & Shohl reported mixed results for 2008, with gross revenue solidly up but profits per partner down double-digits.

Gross revenue for the law firm rose 10.7% to $132.8 million. Profits were down 4% to $44 million; profits per partner declined almost 16% to $385,000.

Managing partner George Vincent attributes much of the movement in the firm’s financials to the acquisition of two 20-plus lawyer groups last year. In April, Dinsmore acquired Dayton, Ohio-based Chernesky Heyman & Kress; and in May, 27 lawyers from the Columbus, Ohio, office of Buckingham, Doolittle & Burroughs.

Overall, Dinsmore’s head count increased 15% in 2008, spiking revenue but hurting the bottom line.

Despite the slowing economy, Vincent is optimistic about 2009, as bankruptcy and restructuring work is strong; he expects both revenue and profits per partner to be up.

Dinsmore will likely continue to recruit laterals, focusing on the firm’s Midwest stronghold of Ohio, Kentucky, Western Pennsylvania and West Virginia.

According to the National Law Journal’s 2007 rankings, Dinsmore is the 144th largest law firm in the United States, and the largest in Cincinnati. The firm also ranked 170th in profit per attorney on the 2007 Am Law 200 survey.

Dinsmore is one of the few law firms in the US to own its own title agency, Mercantile Title Agency. The firm also founded a Cincinnati investment bank, Great Water Capital Partners LLC.

JD Journal » 2008 revenue rise

White & Case Profits Fell in 2008, Despite Layoffs

Dinsmore & Shohl Sees 2008 Revenue Rise; Recruits in Midwest