February 4, 2011 3:23 PM
The Am Law 100: Dechert's Revenue Drops 9 Percent, Profits Rise 2.6 Percent
Posted by Account Deleted
Despite seeing $65 million less in revenue than it did in 2009, Dechert enjoyed modest increases in profits and profitability in 2010.
Dechert earned $648.6 million in revenue last year, compared to $713 million in 2009 and $815.9 million in 2008. The dip in revenue coincides with a shrinking of the firm's overall head count over the past three years. The firm's head count dropped 8.8 percent between 2009 and 2010 to 756 full-time equivalent lawyers. Between 2008 and 2009, the firm's head count dropped by nearly 12 percent.
Dechert grew in profits and profitability, however, while maintaining close to the same number of equity partners.
Dechert saw a 5.5 percent decrease in RPL to $858,000 in 2010 from $908,000 in 2009 and a 2.6 percent increase in PPP from $1.96 million in 2009 to $2.01 million last year. The firm's average compensation for all partners grew by about 2.5 percent from $1.37 million in 2009 to $1.41 million in 2010.
The firm grew its net profit by nearly 1 percent to $294.3 million, with its profit margin growing from 41 percent in 2009 to 45.4 percent in 2010.
Read the Legal Intelligencer's full report on Dechert'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.
Make a comment