Howrey's Revenue, Profits Plummet in 2009

For Howrey, 2009 was a rough year. In 2008, Howrey had what firm Chairman Robert Ruyak said at the time was the firm's best year ever, based largely upon several large contingent payments. Last year, the firm didn't have that bounce. Ruyak said that while the declines were dramatic they were "not entirely unexpected." Howrey's gross revenue fell from $573.2 million to $480 million, marking a decline of 16.3 percent. Revenue per lawyer dropped by 19.2 percent to $702,782. Net compensation to equity partners slid 28.3 percent to $128.6 million. And PPP sank from $1.299 million to $846,053 -- a 34.9 percent drop.

Howrey's Revenue, Profits Plummet in 2009 law.com Tue, Feb 23, 2010