Partner Profits

Profits Per Partner Down At O'Melveny

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O’Melveney & Myers paid out Skadden level bonuses for everybody — that was not in New York and billed at least 1950. Unlike Orrick, O’Melveny actually paid these bonuses, instead of just talking about them.

Maybe that is why their profits per partner took such a significant hit?

Yesterday, AmLaw Daily reported a sharp decline in PPP at OMM:

O’Melveny & Myers reported a small decline in revenues and a more substantial drop in profits per partner as the firm grappled with the impact of the economic downturn. The Los Angeles-based firm reported this morning that profits per partner were down more than 7 percent to $1.5 million. Gross revenues for 2008 were $908 million, an almost 3 percent drop from the prior year.

A lot of associates will be happy with this news. The firm has avoided that mass layoffs that happened at Morrison & Foerster and didn’t freeze salaries like Latham.

And despite the drop, partners still pulled down $1.5 million dollars.

THE AM LAW 100: Revenues, Profits Drop at O’Melveny & Myers [AmLaw Daily]

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Earlier: Associate Bonus Watch: O’Melveny Makes It Rain, Baby (At least outside New York. For 1950+ hours.)

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