Gross revenue at Charlotte, North Carolina Am Law 100 firm Moore & Van Allen edged up 1.5% to $164.5 million.
But the addition of 25 new lawyers, including five equity partners, meant revenue per lawyer and profits per equity partner took significant hits. Revenue per lawyer fell by 7.5% to $575,000, and profits per equity partner dropped 14.5% to $805,000.
Firm chair Ernie Reigel says Moore & Van Allen’s finance and mergers & acquisitions practices have been hit hard by the economic downturn
Moore & Van Allen also laid off lawyers, as well as staff, between 5 and 10% from each group.