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February 3, 2011 5:48 PM

The Am Law 100: Akin Profits Jump 10 Percent

Posted by Ed Shanahan

Akin Gump Strauss Hauer & Feld has emerged from the financial crisis as a smaller, but perhaps more profitable law firm, according to sibling publication The National Law Journal.

Profits per partner rose by 10.4%, to $1.6 million, in 2010, up from $1.5 million the year before, according to the firm. Akin Gump reported 2010 gross revenue of $736 million, an increase of 2.5% from the year before, although still below the $781 million the firm took in during 2008.

R. Bruce McLean, Akin Gump’s chairman, said the firm is seeing the benefits of a restructuring that began in 2008. It shed lawyers in less profitable practice areas, including more than 40 partners, and it made an effort to reduce non-lawyer staff. “While it was painful doing, the reshaping of the firm, the benefits are fairly clear in the results that we’ve obtained,” McLean said in an interview.

Read the full report on Akin's financials here.

 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 published results for previous years were, in most cases, based on an August 31 FTE head count. When possible, we have recalculated fiscal year 2009 numbers to reflect the change in head count and based percentages on those adjusted numbers.

The final published results of last year's Am Law 100 rankings are available here; Second Hundred results are available here.

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