JD Journal » revenue up

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.

Kirkland & Ellis Revenue Up, Profits Flat

Erik Even — Sun, 08 Mar 2009 17:23:28 +0000

Am Law 100 firm Kirkland & Ellis saw an increase in revenue and flat profits per partner in the 2008 fiscal year.

Revenue rose 7% to $1.4 billion, and profit per partner was flat at $2.47 million. Revenue per lawyer fell 3% to $1.05 million.

Business for the firm’s large private equity group was down, but that was balanced by its strong practices in litigation, bankruptcy, and intellectual property.

The firm saw an 11% jump in head count, bringing its lawyer headcount to more than 1,300.

The firm increased its number of partners last year by 7%, from 509 to 545.

Debevoise Reports Revenue Up

Erik Even — Mon, 02 Mar 2009 22:20:08 +0000

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 Polk & Wardwell. Only a few, such as Cleary Gottlieb Steen & Hamilton and Weil, Gotshal & Manges, have posted positive results.

Debevoise’s profits per partner dropped in part because the firm had more equity partners in 2008. The firm’s overall income actually increased 1.3% last year to $318 million. But the number of equity partners also increased.

Revenue per lawyer inched up slightly by less than 1% to $1.2 million.

The firm cut associate bonuses in December, after Cravath, Swaine & Moore set the market floor at $17,500 for a first-year associate bonus.

Debevoise & Plimpton LLP is a prominent international law firm based in New York City. Founded in 1931 by Eli Whitney Debevoise and William Stevenson, the firm currently employs about 680 lawyers in eight offices throughout the world.