From the department of obvious, Weil Gotshal & Manges managed to make lots of money last year. Gross revenue and profits per partner are up at the firm. AmLaw Daily reports:
Recession or no, Weil’s partners are far from suffering. Profits per equity partner were up 7.5 percent to $2.3 million, while the number of equity partners splitting the pie shrank for the second year in a row, from a high of 200 lawyers in 2006 to 184 in 2008.
We’re not sure how these numbers affect the tech stipend.
The strong profit numbers and high profile work still left associates with only Half-Skadden bonuses, but Weil has not historically been a market leader when it comes to that aspect of associate compensation.
Perhaps there is a good reason for that, revenue per lawyer actually went down at Weil in 2008:
Gross revenue at Weil, Gotshal & Manges rose slightly in 2008, with the firm managing modest growth in a punishing year. The New York-based firm brought in $1.23 billion, up 4.75 percent from 2007. Revenue per lawyer was down two percent, however, to just over $1 million.
How did Weil manage to raise PPP in this challenging market? More facts that should be obvious after the jump.
Despite protestations that Weil’s general corporate practice “more than held its own,” bankruptcy was the firm’s moneymaker in 2008:
Weil was able to shift lawyers and resources to restructuring and related practices in the second half of the year. The firm’s restructuring group grabbed plenty of headlines in 2008 over Harvey Miller’s prominent role in Lehman Brothers’ $639 billion bankruptcy.
Hmm … maybe Marin was right after all. If you get shifted from corporate to bankruptcy, you might as well just stay there and be thankful you have a job.
At Weil at least, your job seems safe.