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.