Ledingham Chalmers has announced a drop in pre-tax profits of 20%, to £3.3 million ($5.5 million), in the year to March. But the firm does not intend to hold layoffs. Activity was up in energy and rural matters, but down in property matters. Fee income fell 3% to £9.1 million ($15 million). Other, larger Scottish rivals have [...]
Continue reading...Friday, July 31, 2009
Law firm SJ Berwin has announced that profits per equity partner, which were £801,000 ($1.33 million) for 2008, fell to £410,000 ($680,000) for 2009. The firm saw revenue fall 14% to £184 million ($305 million). The other British firms that have seen the largest drop in profits are Travers Smith, Clifford Chance, Ashurst and Berwin Leighton Paisner.
Continue reading...Wednesday, July 22, 2009
Dundas & Wilson, which cut 50 jobs in March, has reported a drop in annual profits of £9 million ($14.8 million). The firm saw profits of £66 million ($108.5 million) in fiscal 2009, down from £74.8 million ($123 million) in 2008. The firm is asking staff to agree to a temporary 10% salary reduction from September ‘09 [...]
Continue reading...Monday, July 20, 2009
Pinsent Masons saw profits per partner plummet 36%, falling to £310,000 ($511,000). Revenues were up 1% to £215 million ($355 million) in the last fiscal year. The firm announced a redundancy consultation in June, and now confirms that 20 lawyers and staff will be let go. Pinsent Masons has also implemented sabbaticals and four-day weeks at [...]
Continue reading...Friday, July 10, 2009
Allen & Overy has announced its revenue for the last fiscal year was up 7% to more than £1.09 billion ($1.77 billion), despite a large number of layoffs. Profits fell 4% to £431 million ($698 million). The firm has the second highest gain in revenue for Magic Circle firms, after Freshfields reported a 9% gain. Founded in 1930, [...]
Continue reading...Friday, July 3, 2009
Addleshaw Goddard, which cut 19 partners in February and 85 staff in March, saw a 30.8% plummet in partner profits in fiscal 2008; and turnover fell 11.4% to £173.3 million ($285.5 million). Profits per equity partner nosedived from £586,000 ($958,000) to £405,000 ($663,000). The firm is considering reduced work hours and unpaid sabbaticals. There is already a [...]
Continue reading...Thursday, June 11, 2009
City of London law firm Herbert Smith saw profits fall 22% in 2008, plummeting below £1 million ($1.65 million). Partners will see earnings drop from £1.04 million to between as low as £808,000 ($1.33 million) for financial 2008-09. The firm made a profit last year. Herbert Smith in April announced a redundancy consultation at its London HQ, targeting [...]
Continue reading...Wednesday, March 18, 2009
New York’s Fried Frank saw gross revenue fall more than 9% in 2008 to $488 million. Profits per equity partner fell double digits, 23% to $1.23 million. Revenue per lawyer fell 12%, to $858,000. Fried, Frank, Harris, Shriver & Jacobson LLP is an international law firm with offices in New York City, Washington DC, London, Paris, Frankfurt, [...]
Continue reading...Friday, February 27, 2009
Yesterday we reported that Latham & Watkins might lay off up to 150 people. Isn’t optimism great? This morning we learn Latham has cut 440 employees — 190 associates and 250 staff. The cuts are the largest to date by a US-based firm. Managing Partner Bob Dell: The depth and duration of this recession is unprecedented and we expect [...]
Continue reading...Friday, February 27, 2009
London’s Hammonds LLP is set to cut about 10% of its partnership. The top 50 UK law firm is cutting up to 20 partners from its fixed share and equity ranks. Some partners will also be affected by a de-equitization program in an attempt to deal with underperformance, especially at the top of the partnership. The cuts, affecting [...]
Continue reading...
Sponsored by |
Tuesday, August 18, 2009
1 Comment