Back in December, we reported that Proskauer Rose laid off 35 associates and 25 staff. We believe that the firm fired first-years as part of the layoffs. Proskauer said it was taking these actions in response to the “worldwide economic crisis.”
Yesterday, AmLaw Daily reported that Proskauer partners also felt the pain of 2008:
Proskauer Rose’s profits per equity partner dropped 10 percent in 2008 to $1.4 million. Revenues increased marginally, by 1 percent, to $634 million in 2008. Revenue per lawyer dipped slightly to $916,000, as did head count: total attorneys went from 685 in 2007 to 692 in 2008.
In this economy, Proskauer chairman Allen Fagin was reluctant to complain about $1.4 million dollars per partner:
Fagin echoes other law firm leaders when commenting on his firm’s performance this past year, saying that, given the challenges, he is satisfied. The results “put us in the vicinity of most of the firms we would consider peers,” he says — the group, according to Fagin, includes Mayer Brown and Latham & Watkins.
And there might be more layoffs on the horizon for Proskauer:
Fagin says there is an “ongoing examination” to ensure that staffing levels are right.
In the words of the late, great, Mr. Arnold: “Hang on to your butts.”