March 3, 2010 6:39 PM
THE AM LAW 100: Revenue Dips, Profits Flat at Drinker Biddle
Posted by Ed Shanahan
Drinker Biddle & Reath saw slight decreases in gross revenue and revenue per lawyer last year while profits per equity partner held steady, reports The Legal Intelligencer, a sibling publication.
Gross revenue dropped 2.3 percent from $382 million in 2008 to $373 million in 2009. Revenue per lawyer (RPL) fell by about the same percentage from $615,000 to $600,000. Profits per equity partner (PPP) remained flat at about $605,000 year over year. The average compensation for all partners grew by more than 3 percent to nearly $538,000.
Given the recession and the tight market for legal services, the firm did not lose much of the gains it made in 2008, executive partner Andrew Kassner told The Legal.
Drinker did not enact some of the cost-cutting measures seen at many firms in The Am Law 100/200 over the past year, including mass layoffs of lawyers and staff and incoming associate deferrals. "[W]hile a lot of firms may have in 2009 tried to, through extensive cost cutting and other what I'll call draconian measures, improve their performance, we just tried to stay the course," he said. "I think we've come out of this two-year period ahead of where we started."
Click here to read The Legal's report.
This report is part of The Am Law Daily's ongoing Web coverage of 2009 financial results of The Am Law 100/200. Results are preliminary. Final rankings and full results for The Am Law 100 will be published in The American Lawyer's May 2010 issue and on AmericanLawyer.com. The Am Law Second Hundred will be published in the June issue.
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