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Pillsbury Winthrop Keeps Profits Level in 2008
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Aggressive cost-cutting delivered level profits for NYC’s Pillsbury Winthrop Shaw Pittman in 2008, despite a slight drop in revenue.

Revenue dipped 2% to $576 million. While other firms with relatively flat revenue reported double-digit profit drops, Pillsbury’s profits per partner declined a mere 1% to $975,000. Revenue per lawyer was also flat at $805,000. The number of lawyers at the firm dropped 1.5% to 716.

The firm preserved its profit margin by slicing expenses 3.6% in 2008. That’s a result of a smaller summer associate class, adjustments to timekeeper and staff ranks, and trimming spending. The firm reduced its hiring of replacement associates beginning in 2007, and made reductions in 2008.

  
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Established during the Califiornia Gold Rush, Pillsbury as it is known today is the product of a 2005 merger between Pillsbury Winthrop and DC-based Shaw Pittman.



 

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