Patton Boggs makes partnership cuts
Patton Boggs has taken the shears to its partner ranks, asking between15 to 20 partners to either leave or accept a demotion within the firm.
About half of those affected are equity partners and half are salaried partners. The firm expects a few additional partners to depart of their own accord in the coming months.
Managing partner Edward Newberry explained that partners that have been asked to leave are not producing enough or contributing to firm profitability.
Newberry and Thomas Hale Boggs Jr. have also taken the bold move of announcing that they would suspend their draws, and are asking other partners who can afford it to follow suit.
These latest moves come in response to a 12 percent drop in revenue last year, along with a drop in net income of about 23 percent. Profits per partner and revenue per lawyer for the same period dropped by about 2 percent.
The firm is currently in merger talks with Squire Sanders.