Paul Weiss Reports 'Most Profitable Year in Firm's History'
Many Am Law 100 firms are reeling from the recession, but not Paul, Weiss, Rifkind, Wharton & Garrison. The firm has just reported its 2009 financials and the numbers look very respectable. Though the firm's gross revenue slipped by 3.8 percent, from $692 million in 2008 to $665.5 million in 2009, profits per equity partner (PPP) hit $2.69 million, up from $2.65 million in 2008. Notably, the firm achieved its results without resorting to layoffs. In fact, lawyer head count at the firm increased slightly from 647 to 653. Firm chair Brad Karp describes 2009 as "the most profitable year in our firm's history," noting that the restructuring and litigation practices were particularly busy. "The last quarter of 2009 was the busiest period in our firm's history," Karp says. He credits the firm's conservative growth policies -- what he calls "our strategy of incremental growth" -- for the healthy results.Paul Weiss Reports 'Most Profitable Year in Firm's History' law.com Mon, Feb 1, 2010