Worst year for US partner profits since 1991

2008 was the worst financial year for the US law firms since 1991. Partner profits and lawyer productivity at America's top 100 law firms was falling for the first time in 17 years, according to results published by The American Lawyer. Profits per equity partner (PEP) were down 4.3% to an average of $1.26m while revenue per lawyer fell 1.2% to $818,000. Skadden Arps Slate Meagher & Flom topped the list of US law firm by revenue ($2,2bn), followed by Baker McKenzie, Latham Watkins, Jones Day and Sidley Austin. Once again, the most profitable US firm was Wachtell Lipton Rosen & Katz with PEP of $4,1bn.

Worst year for US partner profits since 1991 legalweek.com Fri, May 8, 2009