US firm Winston & Strawn reports flat revenue
Winston & Strawn has reported revenue growth of just 0.1 percent to $755 million in 2012, while profits per partner increased by 3.5 percent to $1.49 million. These figures might be somewhat disappointing to the firm’s management in light of drastic measures taken to improve profitability during the year, including cutting the ranks of lawyers by close to 10 per cent.
“It was both a rewarding and challenging year,” says Winston managing partner Thomas Fitzgerald. “Rewarding because we completed a number of great acquisitions, and we are more efficient. We asked people to do more with less,” he says. “We improved productivity on a per attorney basis, for both partners and for associates.”