Reed Smith sees partner profits rise to $1m mark as revenues fall

February 1, 2010 Reed Smith has posted its financial results for 2009, with the firm reaching the $1m profits per equity partner mark for the first time, reports The Am Law Daily.

However, while profits increased by 7%, revenues dipped by 3.8% to $942m.

Reed Smith managed the feat of raising profits on falling revenue by squeezing the traditional pyramid structure - while the equity partnership grew by 4%, the firm shrank the ranks of non-equity lawyers by nearly 6%, and staff by about 4%.

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