New York’s Fried Frank saw gross revenue fall more than 9% in 2008 to $488 million. Profits per equity partner fell double digits, 23% to $1.23 million. Revenue per lawyer fell 12%, to $858,000. Fried, Frank, Harris, Shriver & Jacobson LLP is an international law firm with offices in New York City, Washington DC, London, Paris, Frankfurt, [...]
Continue reading...Wednesday, March 18, 2009
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 [...]
Continue reading...Wednesday, March 4, 2009
O’Melveny & Myers today announced the layoffs of 10% of attorneys and 10% of staff. About 190 people will be affected. From firm chairman AB Culvahouse: I am writing to inform you about some very difficult and unprecedented decisions we have made affecting lawyers and staff. We will be reducing approximately 90 legal and 110 staff positions [...]
Continue reading...Tuesday, March 3, 2009
According to rumors on the Tubes (it’s not a truck!), Shearman & Sterling is laying off administrative staff today. Lawyers are apparently unaffected. An official announcement is expected tomorrow. If you know anything about layoffs at Shearman & Sterling, please send us a confidential tip! Two weeks ago, Shearman & Sterling reported a 4.9% drop in revenues to [...]
Continue reading...Friday, February 27, 2009
Yesterday we reported that Latham & Watkins might lay off up to 150 people. Isn’t optimism great? This morning we learn Latham has cut 440 employees — 190 associates and 250 staff. The cuts are the largest to date by a US-based firm. Managing Partner Bob Dell: The depth and duration of this recession is unprecedented and we expect [...]
Continue reading...Thursday, February 19, 2009
Shearman & Sterling reports a 4.9% drop in revenues to $876 million for 2008, and a 9.6% fall in profits per equity partner, to $1.665 million. Revenue per lawyer remained above the million-dollar mark. The declines posted by Shearman were similar to those reported by Skadden, Arps, Slate, Meagher & Flom, and pretty average when compared [...]
Continue reading...Thursday, February 12, 2009
Los Angeles-based O’Melveny & Myers announced that profits per partner were down more than 7% to $1.5 million. Gross revenues for 2008 were $908 million, an almost 3% drop from the prior year. O’Melveny lost two high profile partners this winter. The co-head of restructuring, Michael Sage, joined Dechert in mid-January. And white collar practice group [...]
Continue reading...Wednesday, February 4, 2009
The Blog of Legal Times reports that profits are plummeting at New York-based tax & finance boutique McKee Nelson. The firm has reported a drop in revenue of nearly 16 percent, for gross revenue of $160 million in 2008. Profits per partner plunged 15 percent, or nearly $200,000, to $1.02 million. The down numbers were foreshadowed in [...]
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Wednesday, March 18, 2009
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