Associate Bonus Watch 2011, Biglaw, Bonuses, Money, Partner Issues, Partner Profits

Associate Bonus Watch: O'Melveny & Myers(And other OMM developments.)

How are things - including, but not limited to, associate bonuses - looking at O'Melveny & Myers?

By David Lat

onMarch 6, 2012 at 2:06 PMMarch 6, 2012 at 9:38 PM

O’MELVENY & MYERS — 2011 YEAR IN REVIEW — BRADLEY BUTWIN

From: Butwin, Bradley J.
Sent: Friday, February 17, 2012
To: #ALL PERSONNEL
Subject: Thank You for a Great Year

‪Hi All,

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‪Now that our fiscal year has ended, I want to thank each of you again for your outstanding work and devotion over this past year. I also want to share with you some of the more tangible results of your great performance.

The attached 2011 Year in Review [PDF] highlights just some of the many excellent outcomes you produced for our clients. We should be proud of our many litigation victories and significant transactions last year. In addition to the successes described in the Year in Review, we were a finalist in The American Lawyer’s Litigation Department of the Year contest and were among the nation’s top 25 corporate firms in Corporate Board Member’s annual survey. And as a more unified, cohesive firm, we also achieved unprecedented financial results. We reported to The American Lawyer today our best year ever in terms of revenue per lawyer ($1.017 million, an increase of more than 10% over last year) and profits per equity partner ($1.720 million up nearly 13%). RPL is a significant metric because it shows our productivity and business levels relative to our number of lawyers. Gross revenue was essentially even with last year at $779 million (less than a half-percent decline), which is impressive, given that we had fewer attorneys than in 2010.

All of these achievements are a credit to you. Without your talent and sacrifice and team work, they would not have been possible.
‪
On the litigation front, it is hard to remember a busier time, or a year in which we won more milestone courtroom cases for our clients. And in the face of a challenging deal climate, we nevertheless completed many leading corporate transactions in all geographies and sectors. The world’s economy is affecting transactions practices throughout our profession, yet we will continue to navigate these challenges and find interesting and exciting work that aligns with our practices and strategic plan.

The most exciting part about our 2011 accomplishments are what they mean for 2012. We are receiving even more work from our largest clients, which speaks volumes about the quality and value we deliver — the more our clients work with us, the more they want to work with us. What’s more, our activity levels continue to be strong; business development is up significantly; and we are working on the next strategic plan that will help guide our growth opportunities during the next few years. We have a bright and exciting future ahead of us and we begin the new fiscal year with the wind at our backs.