Partner Profits
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Credit Crisis, Layoffs, Partner Profits
More Layoffs Expected in 2009
Dan DiPietro, client head of the Law Firm Group of the Citi Private Bank, doesn’t think we’ve seen the end of lawyer layoffs. In the American Lawyer, he writes: Among our 175-firm sample, head count for fiscal 2008 was up 4.5 percent from fiscal 2007. I showed the flash report of our sample to a […] -
Biglaw, Incisive Media, Partner Profits, Rankings
The AmLaw 100
It’s time for another list! The AmLaw 100 is out and we finally get to see some financial numbers from the nation’s top law firms. The 2007 numbers have been totally obsolete since Lehman collapsed, so we’ve been waiting a long time for these numbers. In terms of gross revenue, there is not much of […] - Sponsored
Profit Powerhouse: Elevating Law Firm Financial Performance
In this CLE-eligible webinar on April 10th, we’ll explore the most common accounting pitfalls and how to avoid them for your firm. -
Partner Profits
DLA Piper Pays Partners Less
Last Monday, Dewey & LeBoeuf informed the world that some of its partners would be receiving less money. This past Friday, The Recorder reported that DLA Piper is also officially reducing partner compensation: DLA Piper informed all of its U.S. partners on Friday that it will reduce pay for most of them by 11.5 percent […]
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Associate Salaries, Biglaw, Partner Profits
Ending Lockstep Salaries, But What About Billing?
There is a report in Bloomberg today, about the attempts some firms are making to end lockstep associate salaries: The firms are responding to the plunge in corporate, real estate and finance work by overhauling compensation for associates, who often total as many as two-thirds of a firm’s lawyers. Some, like Orrick, are beginning to […] -
Dewey & LeBoeuf, Partner Profits
Dewey & LeBoeuf: Partners, It's Your Turn
The American Lawyer reports that Dewey & LeBoeuf is taking money out of the pockets of under performing partners: Dewey & LeBoeuf has confirmed that 66 partners — about one in five of the firm’s 350 partners — have seen their compensation reduced by as much as 80 percent over the past 15 months. The […] -
Partner Profits
Proskauer Profits Take a Tumble
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 […] -
Partner Profits
Partner Profit Watch: CravaTTTh?
Some big news just in, from Am Law Daily: In one of the sharpest drops in revenue and profitability among Am Law 100 firms, Cravath, Swaine & Moore saw 2008 gross revenue fall 13 percent, while profits per partner tumbled 24 percent to $2.5 million…. The firm signaled last November that 2008 was a tough […] -
Partner Profits
Profits Per Partner Down At O'Melveny
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 […] - Sponsored
Legal AI: 3 Steps Law Firms Should Take Now
If 2023 introduced legal professionals to generative AI, then 2024 will be when law firms start adapting to utilize it. Things are moving fast, so… -
Partner Profits
Gibson Dunn: Gross Revenue Up, Profits Per Partner Down, No Layoffs in Sight
Gibson Dunn hasn’t laid off associates, didn’t freeze salaries, and paid a market bonus. The firm also took a minor hit to profits per partner. AmLaw Daily reports: The firm reports that gross revenue rose 5.4 percent to $957 million, however other financial metrics fell, presenting a slightly more sobering picture. Gibson Dunn’s profits per […] -
Layoffs, Partner Profits
Layoffs: What Partners Think
Leigh Jones of the National Law Journal was able to get partners to open up about the reason behind Biglaw layoffs. Not surprisingly, it’s all about the Benjamins: Law firm leaders and industry consultants say a firm cuts costs by an average of $250,000 for each attorney let go. For each legal assistant or other […] -
Partner Profits
Profits Per Partner Up at Weil: (Or 'D'uh: Weil Makes Money')
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 […] -
Akin Gump, Musical Chairs, Partner Profits
Partners Leaving Akin Gump
Akin Gump has laid off staff and rescinded offers to summer associates, but those moves are mere details in the grand scheme of things. The American Lawyer reports that Akin Gump lost more partners than any other firm the publication tracks: Akin lost 17 percent of its partners to competitors, small firms, in-house positions, and […] -
Partner Profits
Quinn Is Rolling In It
Nobody needs to worry about Quinn Emanuel dissolving. Check out Quinn’s profit numbers as reported by AmLaw and The Lawyer: In tough times, it’s good to specialize in bet-the-company litigation. Revenue at 400-lawyer Quinn Emanuel Urquardt Oliver & Hedges was $441.9 million in 2008, up 15 percent from 2007’s $384.5 million. Profits jumped 10 percent, […]
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Profit Powerhouse: Elevating Law Firm Financial Performance
In this CLE-eligible webinar on April 10th, we’ll explore the most common accounting pitfalls and how to avoid them for your firm.
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Partner Profits
Profit Numbers Draw the Ire of Recently Laid Off Associates
AmLaw Daily continues to provide firm by firm profit numbers, and attorneys continue to be annoyed with firm rhetoric against the backdrop of actual layoffs. The latest issue comes from associates formerly with Foley Hoag. Two weeks ago, we reported that Foley Hoag laid off 32 people, 17 associates and 15 staff. Yesterday, AmLaw reported […] -
Buchanan Ingersoll & Rooney, Partner Profits
Buchanan Ingersoll: Timing is Everything
Everybody has to sacrifice to survive in the new “economy” (if that’s what we’re still calling it). Today, we’ve received word that Buchanan Ingersoll could be asking partners to shoulder part of the burden. A tipster explains: Buchanan Ingersoll was not able to pay nonequity partners any of their holdback at year end and equity […] -
Partner Profits, White & Case
Profits Per Partner Up At WilmerHale and K&L Gates. Revenue Up At White & Case
A couple of internal emails came across our desk today, heralding good news — at least for the partners. Profits per Partner are up at WilmerHale: PPP are $1,080,000, which is up from last year by a little bit. Also, 6.7% of total hours billed by the firm were to pro bono matters. And the […] -
Partner Profits
Cleary Gottlieb Profits
We know what Cleary is doing for associate compensation: they are paying Cravath bonuses but have decided against freezing salaries. Is anybody interested in what the partners will be taking home this year? According to AmLaw: Gross revenue is up roughly 8 percent to $965 million; profits per partner increased about 12 percent to $2.4 […] -
Partner Profits
Cadwalader Profits Per Partner Down 30%
When is a 30% decrease in profits per partner a good thing? When you still take home $1.88 million during the “worst financial crisis since the Great Depression.” This morning, AmLaw reported that Cadwalader Wickersham & Taft saw a 30% decrease in PPP, a 13% drop in revenue, … but is feeling pretty good heading […] -
Biglaw, Partner Profits
Non-Equity Partners, Trying to Hang On
In today’s National Law Journal, Leigh Jones reports that non-equity partners at major law firms are also worried about the future. With all of the frightening career news floating around, it seems reasonable that either you are bringing in business, or you are terrified. The upshot is that some law firms — especially those that […] -
Partner Profits
New Simpson Thacher Partners: No Simpson Thacher Dealmakers
A week ago we asked if new partner promotions were an indication law firm’s financial health. Skadden-Mart just released its new partner roster, and it does appear that the firm’s tepid bonus announcement is reflected in the new promotions. The New York Times reports that Skadden-Mart made five new greeters partners: Simpson’s latest class is […]