Wall Street firms post high profits
A number of Wall Street firms saw profits rise last year, as M&A and capital markets work swelled. Some firms ensured their profits by pruning the equity partner ranks, while other managed the increased profits without reducing the partner headcount.
Paul, Weiss, Rifkind, Wharton & Garrison saw profits rise 15 per cent to $3.05 million; Cleary Gottlieb Steen & Hamilton saw both profits and average profits per equity partner (PPP) jump by about 18 per cent from $2.2 million in 2009 to $2.6 million in 2010; Simpson Thacher & Bartlett saw a 9 percent increase in profits and in average profits per equity partner last year, to $2.64 million; Skadden, Arps, Slate, Meagher & Flom's PPP was up about 10 per cent, to $2.32 million; and Davis Polk & Wardwell's PPP rose nearly 5 percent to $2.2 million.
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