JD Journal » profits per equity partner

Sonnenschein’s Profits Rose by 15%

marvins — Sat, 29 Jan 2011 00:17:43 +0000

After three consecutive years of decline, Sonnenschein Nath & Rose LLP, a premiere international law firm with more than 800 lawyers, reported that its profits per equity partner (PPP) are finally up by 15%, from $720,000 in 2009 to about $827,000, in 2010 . But Sonnenschein’s gross revenue fell to $454.6 million in 2010, an 8% drop from $492 million in 2008. Sonnenschein’s gross revenue has been on the decline for two consecutive years now. The figure will be Sonnenschein’s last record as a separate entity since it merged with UK firm, Denton Wilde Sapte, in September. The two firms now bear the name SNR Denton LLP.

Elliot Portnoy, chief executive of SNR Denton, said that the entire firm is pleased about the result given that the legal industry has suffered from a series of setbacks over the past few years. “Despite challenging market conditions for our clients and the entire legal industry, and with 11 percent fewer lawyers, we are very pleased with SNR Denton US LLP’s year-over-year increase in net income and in other key metrics.”

Denton, in its last full fiscal year as a separate entity, registered gross revenue of $267 million (£167.5 million) and profits per equity partner of $464,000 (£353,000), with a profit margin of 19% for 2009-10.

Revenue Flat, But Profits Up at Baker & McKenzie

joshua — Thu, 12 Aug 2010 23:15:36 +0000

Baker & McKenzie sung a familiar tune when it reported its financial results for fiscal year 2010 to AM Law Daily. Profits per equity partner at the 3,570-lawyer strong firm shot up 13 percent to $1.125 million, which is despite only a small 0.4 percent bump in revenue to $2.1 billion.

Like many firms dealing with the recession and its aftermath, Baker & McKenzie made cuts in expenditures to help prop partners’ profits. Among the moves was delaying some capital expenditures, AM Law Daily reports.

John Conroy, chairman of the firm’s executive committee, told the publication emerging markets in Asia and Latin America performed well for Baker & McKenzie. Specifically, the firm had to beef up staff in Brazil because of demand and the Asia Pacific region provided 26 percent of the firm’s total revenue.

Baker & McKenzie was founded in Chicago in 1949. The firm has 67 offices in 39 different countries.

Revenue Down But Profits Up at Stevens & Lee

joshua — Mon, 12 Apr 2010 16:19:27 +0000

Gross revenue declined to $108.6 million at Stevens & Lee in 2009, a 1 percent decrease from the $109.7 million the firm took in in 2008. According to the Legal Intelligencer, profits per equity partner managed a 4.6 percent increase last year to $905,000 from $865,000 in ’08.

The report cited a decrease in the firm’s “core corporate practices” as the catalyst for the dip in gross revenue. Revenue per lawyer also fell nearly 6 percent in ’09 to $635,000 from $675,000 the previous year, which was thanks in large part to the firm continuing to bring on lateral hires.

According to the Legal Intelligencer, Stevens & Lee had 171 lawyers in ’09, including 62 equity partners.

Firm President Ernie Choquette said in the report that the firm is looking to expand this year.

“What we are seeing is the large buyers of legal services are now understanding that a lot of the midsized firms…can provide the same quality of service that the top 100 (firms) can provide (but) at a better value metric,” Choquette said.

Stevens & Lee was founded in 1928 and has 13 offices throughout the mid-Atlantic region.

2009 Just Fine For Duane Morris

joshua — Thu, 25 Mar 2010 17:45:35 +0000

Most of the news was good news for Duane Morris in 2009.

The firm’s gross revenue came in at $387 million, an increase from $368 million in 2008, and profits per equity partner rose 3.6 percent to $753,000 from $727,000. The lone blemish was a drop of less than 1 percent in revenue per lawyer from $637,000 to $633,000, The Legal Intelligencer reports.

A big factor in the increases were payouts of between $15 million $20 million in contingency fees and an increase in billable hours for the year, according to the publication.

Headcount also grew at the firm, thanks in part to the rescue of 24 lawyers from Wolf Block. Chairman John Soroko told the Intelligencer the Wolf Block group quickly increased revenue and the firm got back nearly its entire investment within eight months.

Founded in 1904 as Duane, Morris, Heckscher & Roberts, Duane Morris LLP employs more than 650 lawyers in 23 offices in the United States, London, Singapore and Vietnam. In addition to legal services, Duane Morris has independent affiliates employing approximately 100 professionals engaged in other disciplines.

Howrey Cutting Partners After Tough ’09

joshua — Thu, 11 Mar 2010 18:47:53 +0000

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 million in 2009 and its PPP came in at $846,053, a significant decrease from the previous year’s mark of $1.299 million. Last month, before the financial results were released, CEO Bob Ruyak announced through an e-mail that there was not enough work available for all attorneys and staff and that layoffs would be forthcoming.

According to LegalWeek, Howrey said the cuts would not be based on partner performance. Instead, they will be in practice areas that do not fit with its main business of IP law, global litigation and antitrust.

Robert Ruyak, Howrey’s managing partner and chief executive, gave LegalWeek the following statement: “After an internal assessment we decided that we need to tighten up and be strong by focusing on our core areas.

“We added a number of partners laterally during the last part of 2009 and thus far in 2010, while a similar number are departing for firms and practices that should be a better fit for them. We do not expect the partnership to be substantially different in size by the end of the year to what it is now.”

Howrey was founded in 1956 and is headquartered in Washington D.C. It has over 700 attorneys and offices in Chicago, Los Angeles, New York, London, Munich, Taipei and several other locations.

Weil Gotshal Weathers Down Economy

joshua — Mon, 08 Mar 2010 22:55:37 +0000

Gross revenue was virtually unchanged and profits per partner increased slightly on a year-over-year basis at Weil, Gotshal & Manges in 2009. The firm reported gross revenue of $1,233,054,282 in 2009, which barely betters the previous year’s mark of $1,230,801,620.

Profits per equity partner improved to $2,314,723 from $2,273,802, but revenue per lawyer declined slightly to $1,017,372 from $1,034,287.

Weil Gotshal is headquartered in New York City and has offices throughout the United States, Europe and Asia. It was placed under new leadership in December when Barry Wolf was named executive partner, replacing Stephen Dannhauser.

Revenue and Profits Increase at Cahill

sara — Fri, 26 Feb 2010 15:13:17 +0000

Cahill Gordon & Reindel report that in 2009 the firm saw increases in revenue and profits. Gross revenue increased more than 9%, rising from $247 million to $269.5 million. Revenue per lawyer increased almost 6%, from $932,000 to $987,000; and profits per equity partner increased 19%, from $2.1 million to $2.5 million.

Founded in 1919, Cahill Gordon & Reindel is a New York City based international firm with additional offices in Washington, D.C. and London. Cahill has one of the most prominent litigation practices in the United States and has handled high profile securities, anti trust and firs amendment litigation.

Profits and Revenue Decline at Debevoise & Plimpton

sara — Fri, 26 Feb 2010 13:58:23 +0000

Debevoise & Plimpton report that gross revenue dropped 12% at the firm and profits per equity partner dropped even further due to poor economic conditions in 2009. Revenue dropped to $667.9 million and profits per partner dropped 16% to $1.87 million. These drops came on the heels of a decline in corporate work and the completion of large matters in its litigation practice, specifically the internal investigation of Siemens AG.

Founded in 1931, New York City based Debevoise & Plimpton is an international law firm and a leader in corporate litigation and large financial transactions. The firm has approximately 680 lawyers and additional offices in Paris, Washington, D.C., London, Hong Kong, Moscow, Frankfurt and Shanghai.

Revenue and Profits Decrease at Munger, Tolles

sara — Tue, 23 Feb 2010 16:34:49 +0000

Munger, Tolles & Olson reported decreases in both revenue and profits per equity partner in 2009. Revenue decreased 4.5% to $198 million. Profits per equity partner at the firm dropped by 4.5 % to $1.26 million. The revenue decline was partly due to the firm’s decision to freeze billing rates in 2009. Revenue per lawyer decreased 6% to $1.1 million. The firm’s litigation practice area (80% of its business) held steady over 2009. The firm’s corporate practice accounts for 12% of revenue. Head count increased by 3 lawyers to 179. Equity partners increased from 88 to 90.

Founded in 1962, Munger, Tolles & Olson is a Los Angeles based firm with 192 attorneys. The firm also has an office in San Francisco.

Revenue and Profits Rise at Arnold & Porter

sara — Tue, 23 Feb 2010 16:05:33 +0000

Arnold & Porter reported an increase in gross revenue in 2009, increasing 2% to $524 million. Overall head count at the firm increased by 3.2% from 594 to 613. Revenues per lawyer decreased at the firm by 1.1% to $854,812 in 2009. Profits per equity partner increased 1% to $1.01 million. Four equity partners were added to the firm’s roster for a 3.4% increase. This brings the number of partners at the firm to 209.

Founded in 1946, Arnold & Porter is a Washington, D.C. based firm with well known practices in trial, corporate and antitrust work. The firm has additional locations in Brussels, Denver, London, Los Angeles, New York, Northern Virginia, San Francisco and Silicon Valley.

Revenue Down and Profits Up at Patton Boggs

sara — Tue, 23 Feb 2010 15:49:49 +0000

Patton Boggs reported a decrease in gross revenues in 2009. In 2008 the firm’s gross revenue was $348.5 million, declining to $332 million last year. Profits per equity partner increased 3.7% to $840,000. Equity partner head count decreased by 3 lawyers to 116, while the number of lawyers increased 2.7% to 532. Managing partner Stuart Pape reported that the firm’s 2008 figures included a $20 million contingency, accounting for a portion of the boost in revenue that year. If it were removed from the report the firm’s gross revenue would have been reported as increasing by about 1% in 2009 instead of decreasing. Revenue per lawyer was also impacted by the 2008 contingency, resulting in a decline in 2009 by 7.4%, from $675,000 to $625,000.

Founded in 1962, Patton Boggs is a Washington, D.C. based firm with over 500 lawyers in 9 additional locations including New York City, Newark, Anchorage, Dallas, Denver, Northern Virginia, Doha, Qatar, and Abu Dhabi.

Revenue and Profits Rise at Curtis Mallet

sara — Tue, 23 Feb 2010 15:35:20 +0000

Curtis, Mallet –Prevost, Colt & Mosle reported a rise in both profits and revenue for the second straight year. The firm’s arbitration and restructuring groups had a particularly strong year. Gross revenue at Curtis Mallet increased 8% in 2009. Profits per equity partner increased 11%. Over two years revenue increased, up from $110 million to $135 million. In the same two year period profits per equity partner increased from $925,000 to $1,142,000.

Founded in 1830, Curtis Mallet is a New York City based firm with more than 200 attorneys. The firm has offices in 13 additional locations including Buenos Aires, Dubai, Washington, D.C., London and Paris.

Revenue & Profits Down at Mayer Brown

sara — Mon, 22 Feb 2010 16:58:32 +0000

Revenues decreased at Mayer Brown in 2009 by 14%, from $1.294 billion in 2008 to $1.118 billion last year. Profits decreased as the firm’s net income decreased by almost 19%. Profits per equity partner decreased 4% from $1.11 million to $1.06 million. Revenues per lawyer also decreased to $670,000 from $720,000 in 2008. The firm reduced its equity partner head count to 274 (down by 50). Nonequity partners increased from 330 to 355. Overall head counts were down by 144, as overall attorneys at the firm decreased from 1801 to 1657. In April 2009 the firm laid off 45 lawyers and 90 staff

Mayer Brown is an international law firm founded in Chicago in 1881. The firm has 22 offices in 10 countries including New York, Washington, D.C., Beijing, Berlin and London.

Revenue and Profits Up at Kirkland & Ellis

sara — Mon, 22 Feb 2010 16:41:36 +0000

Kirkland & Ellis reported that gross revenues increased by 2% in 2009, from $1.4 billion in 2008 to $1.428 billion. Net revenue increased by 16%, from $580 million to $674 million. Profits per equity partner at the firm increased by 1% from $2,468,085.11 in 2008 to $2,495,000 in 2009.

In 2009 the firm’s ranks increased overall by 6%, from 1,333 to 1,411 attorneys. The number of partners increased to over 10%, from 545 to 602. Last year Kirkland & Ellis also laid off staff and associates in its New York and Washington, D.C. offices last year.

Founded in 1909, Kirkland & Ellis is an international law firm headquartered in Chicago. The firm has additional offices in Hong Kong, London, Los Angeles, Munich, Palo Alto and San Francisco.

Blank Rome Posts Across-the-Board Increases

joshua — Fri, 19 Feb 2010 23:24:04 +0000

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 Hoffman told the Philadelphia Business Journal that the firm had strong years from its offices in Los Angeles, Hong Kong and Princeton. He also added that PPP could have actually been increased by 26 percent, but the firm elected to take $12.5 million in profits to pre-pay some 2010 expenses.

The number of full-time lawyers at Blank Rome actually declined from 512 to 490 and equity partners fell from 160 to 156. Blank Rome has eight offices in the United States and Hong Kong.

Profits and Revenue Drop at Dechert

sara — Fri, 19 Feb 2010 16:08:21 +0000

Dechert, llp

Revenue and profits decreased at Dechert in the 2009 fiscal year. Gross revenue decreased 12.6% from $816 million in 2008 to $713 million in 2009. Profits per equity partner decreased 8.6% to $1.96 million. Total head count at the firm dropped from 891 to 786. Notably last year Dechert was co-counsel to the Haas family trusts and antitrust co-counsel to Rohm and Haas on its $15 billion merger with Dow Chemical.

Dechert is an international law firm with practices in corporate and securities, complex litigation, finance and real estate, and financial services and asset management. The firm was founded in 1875 and its headquarters are located in Philadelphia, Pennsylvania. The firm has 19 additional offices in the United States, Europe and Asia.

Revenue Down, Profits Up at Sidley Austin

joshua — Thu, 18 Feb 2010 17:49:40 +0000

A decline in gross revenue in 2009 didn’t stop profits per equity partner (PPP) from inching up at Sidley Austin. The firm, which saw its number of equity partners decrease from 332 in 2008 to 304 last year, reported a PPP increase of just over two percent to $1.46 million. Gross revenue was $1.49 billion, a decrease of about nine percent from 2008.

The number of attorneys under the Sidley Austin umbrella also dropped, largely as a result of layoffs last March that saw 89 staff attorneys and 140 staff members axed. There are currently 1,588 attorneys, down from 1,702.

Sidley Austin is one of the oldest law firms in the world and has offices in 16 cities around the world.

Profits and Revenue Are up at Gibson Dunn

sara — Wed, 17 Feb 2010 13:46:56 +0000

Gibson, Dunn & Crutcher reported increases in both profits and revenue in the fiscal year 2009. Gross revenue increased almost 4% to $995 million. This increase is the best income performance in the firm’s history. Profits per equity partner increased 1.6% to $1.905 million. Revenue per lawyer decreased 2.38% to $1.012 million. The firm’s overall headcount increased 6.5% in 2009 to 983. Equity partnership ranks increased 3.6% from 274 to 284. Non equity partner ranks increased 49% from 18 to 28.

Founded in 1890, Gibson Dunn is a global law firm with approximately 1000 lawyers. The firm is headquartered in Los Angeles, California and has offices in 15 locations including New York City, Washington, D.C., London, Dubai, and Singapore.

Greenberg Traurig Has Steady Year

sara — Wed, 17 Feb 2010 13:34:11 +0000

2009 was a steady fiscal year for law firm Greenberg Traurig. Gross revenues decreased 2.9% to $1.17 billion. Profits per equity partner increased 0.15 of a percent to $1.311 million. The compensation pool for non-equity partners increased 3.94% to $222 million. The number of non-equity partners working at the firm increased more than 10% to 585. The total number of partners increased from 824 to 877. Greenberg opened two new offices in London and White Plains, New York, which accounts for the growth in partners.

Founded in 1967 and headquartered in Miami Florida, Greenberg Traurig has approximately 1,800 lawyers in 35 offices around the world.

Profits Up and Revenues Down at Shearman & Sterling

sara — Tue, 16 Feb 2010 15:48:59 +0000

Shearman & Sterling reported that revenues at the firm declined 8.6% to$801 million in 2009. Profits per equity partner increased 4.2% to $1.735 million. Shearman & Sterling were bolstered by their work in the Middle East, Asia, Germany and the auto industry. The firm advised Abu Dhabi interests to buy $2.65 billion in Daimler stock and investing with Daimler in Tesla Motors. It acted for Qatar Investment Authority on investments in Volkswagen and Porsche. The firm also represented China’s Sichuan Tengzhong in the acquisition of Hummer from General Motors. Finally it counseled Germany on the restructuring of GM.

The firm’s capital markets practice was also busy. The firm handled three of the worlds largest IPOs including Brazil’s VisaNet, the underwriters of Santander Brazil and Metallurgical Corp. of China.

Founded in 1873, Shearman & Sterling is a New York City based law firm with around 900 attorneys. The firm has various offices around the world including Washington, D.C., Abu Dhabi, London, San Francisco and Hong Kong.

Revenues Up at Barnes & Thornburg

sara — Wed, 10 Feb 2010 18:09:54 +0000

Barnes & Thornburg reported that gross revenues increased from $212,617,000 in 2008 to $241,583,000 in 2009, a 14% increase. Profits per equity partner also increased 11% to $640,614. Barnes & Thornburg opened new offices in Atlanta, Delaware, and Columbus, Ohio last year and also completed a merger with The Parsinen Law Firm in Minneapolis. The expansion helped the firm to diversify its practice areas and placed them in higher priced markets. Another factor in increased revenues this year was the firms increased workload (up 40%) in creditor representation, one of the firm’s major areas of practice.

Founded in 1982, Indianapolis based Barnes & Thornburg has a broad range of practice areas such as aviation law, jury research, labor and employment, intellectual property and estate planning. The firm also engages in lobbying work. There are approximately 475 lawyers working for the firm in 7 offices including Washington, D.C., Atlanta, Chicago, Columbus, Ohio, Elkhart, Indiana, South Bend and Grand Rapids.

Revenues Down, PPP up at Buchanan

sara — Wed, 10 Feb 2010 17:39:34 +0000

Buchanan, Ingersoll & Rooney reported a 3% drop in revenues and overall profits in 2009. The number of partners declined to 101 from 109. The number of lawyers employed by the firm decreased 10% to 439 from 487. Profits per equity partner and revenue per lawyer both increased by 5%. CEO and chair John Barbour attributes the increases to administrative cost-cutting, reduced associate compensation and the departures of some less productive lawyers. Buchanan’s real estate practice was impacted the most, with 6 lawyers leaving in 2009.

Founded in 1850, Pittsburgh based firm Buchanan, Ingersoll & Rooney is a general practice firm with approximately 500 attorneys and 16 offices including San Diego, Washington, D.C., Miami, New York and Philadelphia.

Revenues Up, PPP down at Perkins Coie

sara — Wed, 10 Feb 2010 17:29:08 +0000

Perkins Coie reported that its profits increased to $433 million or 2.06%, in 2009, but profits per equity partner decreased a quarter of a percentage to $802,111. Revenue per lawyer also declined to $646,295 or 1.28%. Real estate and transactional business declined but managing partner Robert Giles believes the firm had a “flat year” offset by a great deal of activity in its litigation and intellectual property practice. Giles also believe that cost cutting helped the firm. 8% was cut from the firm’s budget by delaying technology and infrastructure upgrades, allowing staff to reduce their work hours and laying off 12 attorneys and staff members in April.

Founded in 1912, Perkins Coie is a Seattle based firm with 700 attorneys. The firm has 15 offices internationally including Chicago, Los Angeles, Washington, D.C., Beijing, Denver, Shanghai, San Francisco, Portland, Phoenix, Menlo Park, Madison, Boise, Bellevue, and Anchorage.

Revenues and Profits Increase at Sheppard Mullin

sara — Tue, 09 Feb 2010 16:47:58 +0000

Los Angeles based firm Sheppard Mullin Richter & Hampton reported slight increases in revenue and profits in 2009. Revenue increased 2.5% to $361 million. Profits per equity partner were $1.244 million, an increase of 3.5%. Revenue per lawyer though decline to $753,645, 1.8%.

Last year the firm cut 25 lawyers in the first two months. In January 2009 the firm also announced a freeze of associate compensation for the year. The freeze is no longer in effect. Sheppard Mullin chair Guy Halgren says that the demand for transactional and real estate work was low, the decline in those areas was offset by a demand for labor and employment, bankruptcy, government contracts and anti-trust practices.

Founded in 1927 Sheppard Mullin Richter & Hampton is a general practice firm with over 520 attorneys in 11 offices.

Revenue, Profits Up at Cozen O’Connor

joshua — Tue, 09 Feb 2010 16:40:46 +0000

There were apparently few signs of a recession at Cozen O’Connor in 2009. The firm Monday reported signifcant increases in gross revenue, profits per equity partner and revenue per lawyer.

Gross revenue jumped 22 percent to $290 million in ’09, profits per partner were up 19 percent to $650,000 and revenue per lawyer was up 11 percent to $575,000. The jump in revenue was due in large part to the firm adding almost 70 lawyers from Wolf Block, which went out of business.

Cozen O’Connor CEO Tad Decker also told Business Journal the firm earned additional revenue through a one-time contingent fee in a commercial litigation case. He added even without the fee, revenue would have been up close to 10 percent.

The firm currently has about 550 lawyers, which is a 10 percent increase from the beginning of 2009.

“We are obviously very pleased with our results despite this year’s adverse business climate,” Decker told Business Journal. “I credit our success to the balance and diversity of our practice groups and the hiring of some outstanding laterals.”

Cozen O’Connor was founded in 1970 and has offices in 23 cities on two continents.

Revenues and Profits Down at Schulte

sara — Tue, 09 Feb 2010 16:28:29 +0000

New York City based firm Schulte Roth & Zabel reported a decline in gross revenue and profits in 2009. Gross revenue was $397,000,000, dropping 5.5% since 2008. Profits per equity partner were $2,130,588, dropping 7%. According to partner Alan Waldenberg the firm views 2009 “as an extremely strong year” in light of “what happened in the world and what happened to a lot of our clients.” Waldenberg says that the firms corporate and transactional practices were down but litigation, restructuring and trust and estate practices were up.

Founded in 1969, Schulte Roth & Zabel is a general practice firm with over 450 attorneys. In addition to New York City, the firm has offices in Washington, D.C., and London.

Willkie, Farr & Gallagher Report Drop in Revenues & Profits

sara — Mon, 08 Feb 2010 14:23:04 +0000

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 are approximately 637 attorneys in 8 offices around the world including New York, Washington, D.C., London, Paris, Rome, Milan, Frankfurt and Brussels. The firm specializes in areas of practice including antitrust, business reorganization and restructuring, corporate and financial services, environmental, executive compensation and employee benefits, government relations, intellectual property, litigation, real estate, tax, telecommunications and white collar investigation and compliance.

Baker & McKenzie Profits Down 17%

Erik Even — Sat, 15 Aug 2009 17:17:11 +0000

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 and John McKenzie. One of the first law firms to be truly global, it employs more than 3,900 lawyers in more than 70 offices in 39 countries.

SJ Berwin PPP Plummets 50%

Erik Even — Fri, 31 Jul 2009 17:27:02 +0000

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.

Addleshaw Goddard Reports 30% Drop in PPP

Erik Even — Fri, 03 Jul 2009 16:38:20 +0000

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 salary freeze in effect.

Addleshaw Goddard LLP is a UK law firm, with almost 750 lawyers and 1,350 staff, based in Leeds, London and Manchester. It was formed in 2003 by the merger of Addleshaw Booth & Co with Theodore Goddard.

According to The Lawyer, a UK legal newspaper, Addleshaw Goddard was ranked 15th largest law firm in the UK by turnover in 2006.

Profits Plummet at Clifford Chance

Erik Even — Wed, 01 Jul 2009 17:15:30 +0000

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 to Gibson Dunn. The firm cut 24 associates in New York in March, and 20 more positions in April.

Also in March, Clifford Chance announced a redundancy consultation targeting 115 support staff in London.

Clifford Chance LLP is the largest law firm in the world, both by number of lawyers and revenue, and part of the UK’s “Magic Circle” of leading law firms. It is a prestigious international practice with its principal office in London.

Venable Cuts Compensation for All Lawyers & Staff

Erik Even — Fri, 26 Jun 2009 16:50:10 +0000

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 third year associates, respectively.

Base compensation for all of counsel will be reduced by 8%.

All non-equity partners will see a base compensation reduction of 8%, excepting those that are on track that meet the firm’s 1800-hour billable hour standard.

Senior staff will have a base compensation reduction of 8%. All other non-legal staff will be unaffected.

The profiles for equity partners were set at 5% below last year’s earnings at the beginning of the year. The final compensation decisions for equity partners will be based on 2009 individual and firm performance.

All compensation adjustments will be effective July 11, 2009.

In March, the firm laid off 64 people and deferred incoming associates.

Venable LLP is a law firm, formerly known as Venable, Baetjer & Howard LLP. It was founded in Baltimore in the post-Civil War period. Today the firm maintains six Northeastern US offices and specializes in patent litigation, labor and employment law and white collar investigations. Venable employs nearly 600 attorneys.

Profits Plunge at Eversheds; 16% of Staff Cut

Erik Even — Wed, 27 May 2009 16:41:08 +0000

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 total staff, including 80 lawyers.

Eversheds LLP is one of the largest full service law firms in the world. Headquartered in London, it has 40 offices in major cities across the UK, Europe, the Middle East and China.

Revenue Up at Virginia’s Hunton & Williams

Erik Even — Thu, 09 Apr 2009 17:47:02 +0000

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 offices and about 1,000 lawyers worldwide. The firm was founded in Richmond and has 18 other offices throughout the United States, Europe, and Asia. The firm expanded in Texas in the Spring of 2007 by adding a group of almost 100 lawyers from the now-defunct Jenkens & Gilchrist.

Hunton & Williams opened an office in San Francisco in July 2008.

Buchanan Ingersoll’s Revenue Down for 2008

Erik Even — Wed, 18 Mar 2009 16:33:32 +0000

Buchanan Ingersoll & Rooney saw its 2008 gross revenue fall by 3.3%, from $282.1 million in 2007.

The Pittsburgh, Pennsylvania-based firm increased its revenue per lawyer by 2% from $554,000. The profits per equity partner fell 1.2% dip from $570,000. The average compensation for all partners decreased by 3.6% from $445,000 to $429,000.

The firm expects a lower attorney headcount by the end of March after the annual performance review process. It is also leaving vacancies open. They cut 25 staff positions in November, and 30 in February.

The firm saw a 5% drop in headcount in 2008, to 481 lawyers. Buchanan’s equity partner tier grew by one from 108 to 109, and the non-equity tier increased by 11.8% from 85 to 95.

The firm did not cut salaries in 2008 or so far in 2009, and paid bonuses — but salaries are frozen. Buchanan Ingersoll will have a smaller summer class in 2009, and the firm’s starting associates will start on the normal date.

Buchanan, Ingersoll & Rooney PC is a law firm and lobbying group. The firm has over 500 lawyers in sixteen offices nationwide, and was ranked 82nd on the National Law Journal’s 2008 list of the 250 largest law firms in the United States.