January 22, 2009 3:47 PM
THE AM LAW 100: Bingham Says Planning Contributed to Increased Profits, Revenue in 2008
Posted by Francesca Heintz
Bingham McCutchen saw both revenue and profits rise in 2008, the firm reports. Gross revenue for the Boston-based firm totalled $767 million in 2008, a 3.2 percent increase over the previous year; profits per partner went up 6.4 percent to $1.42 million.
Firm chairman Jay Zimmerman says the firm "worked hard" to realize those numbers, planning ahead in 2007 as more signs emerged of a worsening economy.
The firm also is reporting a 5.5 percent increase in revenue per lawyer from $900,000 in 2007 to $950,000 in 2008, and a 6.7 percent increase in compensation for all partners to $960,000. Zimmerman points to the firm's reduced head count--down 2.2 percent in 2008--as an important factor that contributed to this increase. The reduction allowed lawyers to maintain a high level of work, he says.
Bingham made several significant lateral hires in the second half of the year, beefing up its securities, antitrust, and restructuring practices. The additions include securities lawyer Geoffrey Aranow, former director of the CFTC and most recently the managing partner of Heller Ehrman's Washington, D.C., office, as well as restructuring partner Jeffrey Sabin from Schulte Roth & Zabel. The firm also brought on three antitrust partners from Clifford Chance in November. The additions, Zimmerman says, position the firm for another strong year in 2009.
"Over the years, we have paid some costs of diversification in building and maintaining securities, restructuring, and litigation practices when they were not as busy," says Zimmerman. "But we are showing strong, steady results." (Some of these costs were detailed in The American Lawyer's May issue on Bingham's successful merger with McCutchen Doyle.)
This report is part of The Am Law Daily's ongoing Web coverage of The Am Law 100s 2008 financials, bringing you our own reports and those from our sibling publications at Incisive Media. Results are preliminary. In keeping with past practices, we do not reveal which firms cooperate in providing financial information and which do not.
Final rankings and full results for The Am Law 100 will be published in The American Lawyer's May issue and on AmericanLawyer.com. The Am Law Second Hundred will be published in the June issue.Make a comment