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...Wednesday, July 15, 2009
Bucking the trend of law firms suffering drops in revenue, Bird & Bird saw revenues rise by 29.6% in the last fiscal year. The firm reported gross revenue of £186.3 million ($303.4 million) in fiscal 2008-09, up from £143.7 million ($234.07 million) in 2007-08. PPP fell 6.5% to £481,000 pounds ($783,500). The firm expanded quite a bit in [...]
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...Saturday, April 18, 2009
Allens Arthur Robinson will institute pay freezes July 1st, and is offering up to one year’s pay to lawyers who take voluntary redundancies. The amount paid out for those who choose to leave will depend on seniority and years with the firm. Allens also plans to shuffle remaining lawyers between practices. The firm has no plans for involuntary [...]
Continue reading...Monday, March 2, 2009
New York’s Debevoise & Plimpton announced that its 2008 gross revenue climbed 7.2%, while profits per partner fell nearly 3%. Revenue grew to $760.8 million, but profits per partner dropped to $2.23 million. The drop-off in profitability followed declines at other New York-based firms, such as Skadden, Arps, Slate, Meagher & Flom; Sullivan & Cromwell; and Davis [...]
Continue reading...Saturday, February 28, 2009
Hogan & Hartson’s revenue and profits fell flat in 2008, after a record year in 2007. The firm’s gross revenue rose 4.8% to $922.5 million, but the firm’s revenue per lawyer fell 2% to $833,000. Hogan’s profits per partner fell 1.69% to $1.17 million. In 2007, the firm reported gross revenues of $880 million and profits per [...]
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 [...]
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Monday, July 20, 2009
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