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February 13, 2009 12:12 PM

THE AM LAW 100: Jenner & Block Shows Solid Gains in Revenues, Profits

Posted by Andrew Longstreth

In what proved to be a very difficult year for law firms, Jenner & Block managed to post gains in revenues and profits. The Chicago-based firm saw its revenues inch up 4 percent to $347 million and its profits increase nearly 7 percent to about $835,000 per equity partner.

Susan Levy, Jenner’s managing partner, said that 2008 was the second-most profitable year in the firm's history. She credited the positive results to the firm’s emphasis on countercyclical practices, such as commercial litigation and bankruptcy, and on controlling costs. 

The firm managed to increase revenues with fewer lawyers. Jenner’s head count decreased by about two percent last year. Levy said the firm’s “modest” rate increases allowed for the revenue increase. She said the firm’s billable hours in 2008 were flat from 2007.

Over the last couple years, there have been reports that Jenner has laid off some partners and de-equitized others. Levy declined to discuss partner departures, but said that they did not have a material impact on the firm’s financial results.

This year has brought a mix of good and bad news for Jenner. In January, Jenner chairman Anton Valukas was appointed as examiner in the bankruptcy of Lehman Brother Holdings. But the firm also lost two of its Washington, D.C., partners to the Justice Department: D.C. managing partner Thomas Perrelli was nominated as associate attorney general while Donald Verrilli, cochair of the firm’s appellate and Supreme Court practice, was chosen as associate deputy attorney general. Separately, Raymond Nimrod, who served as vice chair of Jenner’s intellectual property group, defected to Quinn Emanuel Urquhart Oliver & Hedges.


Click here for The Am Law 100 - A Work In Progress, a chart tracking 2008 financials. Final published results of last year's Am Law 100 ranking are available here.

This 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.

 

 

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