Record profits without axing staff: Cravath Swaine & Moore and Davis Polk & Wardwell
March 22, 2010
A number of firms posted record profit per partner figures in 2009, despite a difficult economic climate. And while many of them boosted profits by paring back their associate and even partner ranks, US firm Cravath Swaine & Moore managed to increase revenue by 7 per cent to $569 million, and raise profit per partner to 8 per cent to $2.7 million, all without reducing the roster.
The financial results at Davis Polk & Wardwell showed a similarly outstanding performance. Revenue rose around 7 per cent and profit per partner grew by 10 per cent, as partners took home average pay of nearly $2.1 million.