JD Journal » profits rise

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.

Paul Weiss Enjoys Solid 2008

Erik Even — Sun, 25 Jan 2009 18:38:51 +0000

Am Law 100 firm Paul, Weiss, Rifkind, Wharton & Garrison had a solid 2008, with both revenue and profits on the rise.

Gross revenue reached $692 million, up 6.3% from 2007; and profits per equity partner climbed to $2.65 million, up 2.3%. At $1.07 million, revenue per lawyer was flat. Head count at the firm, a traditional one-tier partnership, grew by 6% to almost 650 lawyers.

In 2008, the firm handled several high-profile matters, most notably its successful defense of Citigroup in a $2 billion lawsuit in which Italian dairy giant Parmalat charged that the bank contributed to the fraud that led to its bankruptcy. Jurors awarded Citigroup $364.2 million; Parmalat got nothing.

Paul Weiss is representing Bear Stearns in securities suits arising from the investment bank’s failure, and also counts two of Bernard Madoff’s sons as clients.

Recent lateral hires, including Beth Wilkinson, the former general counsel of Fannie Mae, and Walter Ricciardi, a deputy director of the SEC, should prove to be client magnets.

Cleary Gottlieb Clearly Did Well in 2008

Erik Even — Sat, 17 Jan 2009 20:45:23 +0000

New York-based international law firm Cleary Gottlieb Steen & Hamilton saw both revenue and profits per partner rise in 2008.

Gross revenue rose 8% to $965 million, and profits per partner increased about 12% to $2.4 million.

But revenue per lawyer was basically flat, down less than 1%.

Nearly half the firm’s lawyers are overseas, helping to cushion the blow from the dramatic slowdown in the United States

Cleary advised the SEC and Federal Reserve Bank of New York during the collapse of Lehman Brothers. It then advised Barclays in its acquisition of Lehman Brothers’ North American investment banking and capital markets businesses.

The firm employs over 900 lawyers globally.