Latham profits down $470k per partner, turnover below $2bn

Latham & Watkins saw its profits drop 21% in 2008, one of the biggest falls so far reported by US law firms. Profits per equity partner (PEP) fell from $2.27 million in 2007 to $1.8 million in 2008. Latham's revenues were down 4 percent - a decrease to $1.9 billion back below the $2 billion mark.