JD Journal » profit per equity partner

Hammonds Reports PPP Down

Erik Even — Fri, 10 Jul 2009 21:43:33 +0000

London’s Hammonds LLP saw profits per equity partner fall to £276,000 ($446,000) for the recently ended fiscal year.

The firm laid off 77 staffers and cut 20 partners in February.

Hammonds LLP is an international law firm with UK offices in London, Birmingham, Manchester, and Leeds. Overseas offices are situated in Brussels, Paris, Berlin, Munich, Madrid, Hong Kong and Beijing.

Freshfields Reports Revenues Up 9%

Erik Even — Tue, 07 Jul 2009 16:27:40 +0000

Freshfields Bruckhaus Deringer has reported a 9% rise in revenue for the last fiscal year.

Revenue was £1.29 billion pounds ($2.39 billion), up from £1.18 billion pounds ($2.36 billion) in the previous year.

Profit-per-partner was £1.44 million pounds ($2.68 million), up just under 1%.

London’s Freshfields Bruckhaus Deringer LLP is an international law firm with offices in Europe, the Middle East, Asia, and the US. In 2006 it was the world’s fourth largest law firm by revenues.

Rumor: Shearman & Sterling Laying Off Support Staff

Erik Even — Tue, 03 Mar 2009 22:46:48 +0000

According to rumors on the Tubes (it’s not a truck!), Shearman & Sterling is laying off administrative staff today.

Lawyers are apparently unaffected. An official announcement is expected tomorrow.

If you know anything about layoffs at Shearman & Sterling, please send us a confidential tip!

Two weeks ago, Shearman & Sterling reported a 4.9% drop in revenues to $876 million for 2008, and a 9.6% fall in profits per equity partner, to $1.665 million. Revenue per lawyer remained above the million-dollar mark.

Shearman & Sterling LLP is a law firm headquartered in New York City, with 19 offices located in major financial centers around the world. It was founded in 1873.

As of 2006, it was the 17th largest law firm in the world as measured by 2006 annual revenue. Shearman & Sterling is a white shoe firm, the equivalent of the Magic Circle in the UK.

Bingham McCutchen’s London Office Sees Increase in Profit

todd — Tue, 03 Feb 2009 19:04:53 +0000

US firm Bingham McCutchen’s London office has seen an increase in profit amidst a slight decrease in turnover.

The average profit per equity partner went up 7.4 percent, going from $1.75 million to $1.88 million. Turnover fell 4.6 percent, going from $32.5 million to $31 million.

James Roome, the London managing partner at Bingham McCutchen, said, “Restructuring really kicked in towards the end of the year with things like home builders and the car manufacturers, but it is the range of work we do for financial investors that kept us going.”

The rise in profit per equity partner was partly due the fact that the firm went from 12 partners to 11. Litigation partner Neil Micklethwaite left the firm in August 2007 to launch a litigation/human rights outfit with Roger Gherson, who worked with Micklethwaite at Gouldens.

“We’re pretty cautious,” said Roome. “We’re now glad that we haven’t made some of the big investments that some other firms have.”