NY firm Kasowitz Benson sees profits and revenue drop
Kasowitz Benson Torres & Friedman has reported a decline in both revenue and profits per partner in 2011. The firm’s revenue dropped 2 per cent from $245.5 million in 2010 to $240.5 million last year, while profits per partner fell 10 per cent to $1.67 million.
Marc Kasowitz, the firm's founding and managing partner, explains the drop in revenue by pointing out that a number of large cases settled toward the end of 2010, leaving an inventory gap of between $40 million and $50 million. By the end of the year, he says that gap was nearly filled.
Revenue was also hit by the firm’s expansion, says Kasowitz. In 2011 the firm added 17 attorneys, including 11 equity and nonequity partners, opened a Silicon Valley office, moved to a bigger office in Atlanta and boosted its real estate practice.
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