January 20, 2011 11:00 AM
The Am Law 100: Mayer Brown Sees Slight Drop in Revenue in 2010
Posted by Chris Johnson
Mayer Brown had a largely flat fiscal year in 2010, according to figures reported by the firm.
Gross revenue at the 1645-lawyer firm was down for the second year in a row, dropping 1 percent to $1.107 billion in 2010 after plummeting almost 14 percent in 2009. Average profits per equity partner inched up 1 percent to $1.07 million. Mayer Brown's profit margin remained static at 26 percent.
Mayer Brown chairman Bert Krueger describes the results as "in line with our expectations."
"Our approach in 2009 and 2010 has been to respond effectively to the challenges of the global recession and also invest for the long term by aggressively moving forward with initiatives that will position us to better serve the global needs of our clients and to strategically enhance our domestic practices," Krueger said via e-mail.
The firm started the year by expanding its South American presence through an alliance with Brazilian firm Tauil & Chequer Advogados. The move significantly bolstered Mayer Brown's existing Sao Paulo office, which launched in late 2007, and added an additional base in Rio de Janeiro. The firm's Paris office was another to receive investment, acquiring seven-lawyer litigation boutique Ayela Semerdjian & Associes in November 2009.
Mayer Brown's merger talks with London-based Simmons & Simmons broke off in June. The firms issued a joint statement that said, "a combination between our firms is not the right option." At the time, sources at the U.K. firm suggested that the issue of integrating Mayer Brown's 340-lawyer London office was one of the factors that led to the talks collapsing.
Mayer Brown also launched a global derivatives practice in 2010 after New York capital markets partner Josh Cohn joined from U.K. Magic Circle firm Allen & Overy in February.
This report is part of The Am Law Daily's ongoing Web coverage of 2010 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 2011 issue and on AmericanLawyer.com. The Am Law Second Hundred will be published in the June issue.
Results for the 2010 fiscal year reflect a change in the survey methodology. Per-lawyer and per-partner results for 2010 are based on a full calendar year average FTE head count, while results for previous years are, in most cases, based on an August 31 FTE head count.
The final published results of last year's Am Law 100 rankings are available here; Second Hundred results are available here.
[Correction: The original post mistakenly reported that Mayer Brown's 2010 gross revenue was $1.107 million; it should have said $1.107 billion.]