Howrey, which saw a 35 percent drop in profits per equity partner in 2009, is poised to cut between 25 and 30 partners over the next several months, LegalWeek reports. The cuts would equate to between 8% and 10% of the firm’s equity and non-equity partners. Howrey saw its gross revenue drop by 16.3 percent to $480 [...]
Continue reading...Friday, February 19, 2010
Blank Rome reports having a very solid 2009 as annual revenue was up 3 percent and profits per equity partner (PPP) jumped 13 percent. Gross revenue came in at $322 million, up from $312 million in 2008; and PPP rose from $588,000 to $667,000. Revenue per lawyer was also up 8 percent from $609,000 to $657,000. Co-chairman Alan [...]
Continue reading...Monday, February 8, 2010
Willkie, Farr & Gallagher reported on Friday that the firm’s gross revenue fell 5.8% to 549.5 million in 2009. Revenue per lawyer dropped 7.1% to $930,000. Profits per equity partner were $ 2 million despite dropping about 5% for the second consecutive year. Willkie, Farr & Gallagher was founded in 1888 in New York City. There [...]
Continue reading...Saturday, August 15, 2009
Baker & McKenzie reports its average profits per equity partner in fiscal 2008 fell 17%, to $992,000. Revenue was down 3.5% to $2.11 billion. The firm, which in April laid off 38 attorneys and 86 paralegals, has taken a number of other cost cutting measures. Baker & McKenzie was founded in Chicago in 1949 by Russell Baker [...]
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...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...Wednesday, July 1, 2009
Magic Circle law firm Clifford Chance saw average profits per equity partner drop 37% to £733,000 ($1.2 million) in the last fiscal year. Revenue fell 5% to £1.26 billion, which means Clifford Chance is no longer the world’s largest law firm by revenue. The firm recently saw a mass defection of New York litigation partners and associates [...]
Continue reading...Friday, June 26, 2009
Baltimore’s Venable is cutting salaries across the board, affecting all lawyers and staff, including partners. Base compensation for our first year associates is being cut from $160,000, formerly the Biglaw standard, to $145,000. The base compensation for all other associates will be reduced by 8%, with a floor of $150,000 and $155,000 for second year and [...]
Continue reading...Wednesday, May 27, 2009
Eversheds has seen a 27% drop in profit per equity partner, to £404,000 ($548,000) in fiscal 2008. The firm’s profit per equity partner was £552,000 ($885,000) in 2007. Revenue fell 6% to £366 million ($587 million), from £390m ($625 million) in 2007. Over the past 12 months, Eversheds has held three redundancy consultations, and cut 16% of its [...]
Continue reading...Thursday, April 9, 2009
Richmond, Virginia’s Hunton & Williams posted $668 million in gross revenue in the fiscal year that ended March 31st, a 2.2% increase from the previous year. Net revenue was $229 million, a 9% increase. The firm’s payout to equity partners was down 2.5% due to a 12% increase in the number of partners. Hunton & Williams has 19 [...]
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Thursday, March 11, 2010
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