Revenues are down, so why are these equity partners in such a good mood?
Cost cutting efforts in a number of major law firms have resulted in high profit per partner figures despite a decrease in revenue.
At Dewey & LeBoeuf, gross revenue for 2009 dropped 11.3 percent, to $913.876 million. Yet the average profit per equity partner was up 3.4 percent to $1.6 million after a 10 percent reduction in the firm's equity partner ranks.
At Dickstein Shapiro, gross revenue was down 4.78 percent to $297 million. However, profit per equity partner was up 6.76 percent, to $1.05 million. The firm's equity partner roster was reduced 11.17 percent in 2009.
At Winston & Strawn, profit per partner remained flat at $1.283 million, despite a 5 percent drop in revenue. The firm maintained its number of equity partners, saving costs by dramatically slashing bonuses.
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