Reed Smith revenue down 4 per cent with PEP remaining flat
Reed Smith has reported a 4 per cent decrease in global revenue, which dropped from $1.23bn to $1.1bn in 2016. The firm also reduced headcount by more than 80 lawyers. The decline follows last year’s revenue drop of 2.5 per cent, and the firm’s 2016 revenue is around the same level as in 2014.
Profit per equity partner (PEP) remained flat at $1.1m. According to managing partner Sandy Thomas, the firm exceeded expectations, given that Reed Smith is currently focused on managing headcount globally.