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February 12, 2009 10:58 AM

THE AM LAW 100: Revenues, Profits Drop at O'Melveny & Myers

Posted by Amy Kolz

O'Melveny & Myers reported a small decline in revenues and a more substantial drop in profits per partner as the firm grappled with the impact of the economic downturn. The Los Angeles-based firm reported this morning that profits per partner were down more than 7 percent to $1.5 million. Gross revenues for 2008 were $908 million, an almost 3 percent drop from the prior year.

The Am Law Daily was unable to reach chairman Arthur B. Culvahouse, Jr., to discuss the results, but the firm released the following statement about the year: "Our financial results for the fiscal year ended Jan. 31, 2009 were affected by the economic downturn; however, our firm's diverse practice helped to mitigate the impact. We have good geographic diversity, including a market-leading Asia practice, and a broad range of practice areas.Our strong litigation practice tends to be a good buffer during slow economic times. We appreciate our clients' confidence in O'Melveny & Myers and look forward to continuing to serve their needs in the face of a tough economy."

O’Melveny lost two high-profile partners this winter. The cohead of restructuring, Michael Sage, joined Dechert in mid-January. And white-collar practice group head James Asperger left O’Melveny for Quinn Emanuel Urquhart Oliver & Hedges last week. But the firm also recently announced that it had recruited Kenneth Wainstein, a white-collar specialist and former homeland security adviser to the Bush administration. O'Melveny also has beefed up its fund formation practice in Asia with the recent addition of Dean Collins, a former director at private equity investor Actis, to the firm's Singapore office.

Click here for The Am Law 100 - A Work In Progress, a chart tracking 2008 financials. Final published
results of last year's Am Law 100 ranking are available here.

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.

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.

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