February 23, 2009 2:55 PM
THE AM LAW 100: Proskauer's Profits Fall 10 Percent, Revenues Up Slightly
Posted by Richard Lloyd
Proskauer Rose's profits per equity partner dropped 10 percent in 2008 to $1.4 million. Revenues increased marginally, by 1 percent, to $634 million in 2008. Revenue per lawyer dipped slightly to $916,000, as did head count: total attorneys went from 685 in 2007 to 692 in 2008. The number of equity partners was +2 in 2008; ten new nonequity partners also joined.
Still, firm chairman Allen Fagin echoes other law firm leaders when commenting on his firm's performance this past year, saying that, given the challenges, he is satisifed. The results "put us in the vicinity of most of the firms we would consider peers," he says-- the group, according to Fagin, includes Mayer Brown and Latham & Watkins.
Unlike most Am Law 100 firms, Proskauer's financial year ends October 31, so the numbers only cover about a month and a half of the financial crisis prompted by Lehman Brothers' mid-September collapse. Despite this, the firm's performance in November and December was roughly in line with the previous six months, Fagin says.
After opening in London and Sao Paulo in 2007, the firm turned its attention to Asia in 2008. It added an office in Hong Kong and announced plans to launch in Beijing (a license to open in the Chinese capital is expected in the next couple of months). The firm also added a Chicago office following the hire of a three-partner insurance litigation team from Mayer Brown.
In December, the firm joined the ranks of Am Law 100 firms that have announced layoffs, cutting 35 associates and 25 administrative staff. Fagin says there is an "ongoing examination" to ensure that staffing levels are right.
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.Make a comment