BigLaw appears to have weathered 2009’s tough economic climate in decent order, according to a report issued this week by the Zeughauser Group. A survey of 52 of the AM Law 100 law firms that have released their 2009 financials showed gross revenue fell an average of 3.8 percent last year and profits per equity [...]
Continue reading...Friday, January 29, 2010
Quinn Emanuel Urquhart Oliver & Hedges reported a 6% decline in profits per partner for 2009 with the firm’s 388 partners averaging $3.1 million in profits. In 2008 Quinn Emanuel reported an average of $3.3 million in profits per partner. Revenues declined 5%, from $442 million to $420 million. Revenue per lawyer dropped from $1.1 [...]
Continue reading...Tuesday, May 26, 2009
According to Citi Private Bank’s Managing Partner Confidence Index, 71% of survey respondents expect demand for legal services to be flat or down over the next year. Only 66% believed this in Q4 2008. The survey polls managing partners at 175 law firms. According to Citi, revenues in Q1 2009 at the 175 firms were down [...]
Continue reading...Tuesday, March 10, 2009
Blawgs are reporting that between 25 and 50 attorneys will be let go from Blank Rome this week, most likely on Thursday. In January, the firm laid off an undisclosed number of attorneys and staff members. And the firm announced a week ago that it is opening an office in Los Angeles with five new partners. If you [...]
Continue reading...Monday, March 9, 2009
White & Case announced today it will lay off 200 associates and 200 staffers. From the official announcement: Following a thorough, strategic review of its business, White & Case LLP announced today a number of measures that will allow the Firm to respond to changing demand in the market for legal services. These actions include an evaluation of [...]
Continue reading...Sunday, March 8, 2009
Am Law 100 firm Kirkland & Ellis saw an increase in revenue and flat profits per partner in the 2008 fiscal year. Revenue rose 7% to $1.4 billion, and profit per partner was flat at $2.47 million. Revenue per lawyer fell 3% to $1.05 million. Business for the firm’s large private equity group was down, but that [...]
Continue reading...Wednesday, February 25, 2009
The Am Law 100’s Stroock & Stroock & Lavan, a firm with about 75% of its 750 lawyers in New York, saw profits per partner drop by 8.6%, to $1,185,000 last year. Stroock’s gross revenue dropped 6.7% to $270 million, a larger drop than most firms. Stroock has added several recent laterals, including a four-lawyer intellectual property [...]
Continue reading...Tuesday, February 24, 2009
Sheppard Mullin, which instituted salary freezes in January, now admits it has been shedding attorneys since the beginning of 2009. At yesterday’s meeting of the Sheppard Mullin Associates’ Forum, firm management announced that by the end of this week about 25 attorneys firmwide will have been let go since the beginning of the year. Some of [...]
Continue reading...Thursday, February 19, 2009
Philadelphia’s Dechert has become the latest Am Law 100 firm to announce a decline in revenues and profits for 2008. Profits per equity partner fell by 9% to $2.14 million. Gross revenue dipped 2% to $816 million. The firm lost 30 attorneys in 2008, with a total of 892 lawyers. Revenue per lawyer rose slightly, hitting $915,000. [...]
Continue reading...Monday, February 9, 2009
Profits for Los Angeles-based Latham & Watkins fell 21% in 2008, one of the biggest falls so far reported by an Am Law 100 firm. Profits per equity partner fell from $2.27 million in 2007 to $1.8 million in 2008. The firm also saw a dip in revenues, a 4% decrease to $1.9 billion has knocked [...]
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Thursday, March 11, 2010
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