March 16, 2010 2:36 PM

THE AM LAW 100: Milbank Revenue Dips; PPP Rises 5 Percent

Posted by Susan Beck

Milbank, Tweed, Hadley & McCloy increased its revenue per lawyer and profits per partner last year, despite a slight dip in revenue. The firm's revenue fell 3 percent, to $601.5 million. At the same time the number of lawyers at the firm dropped 8 percent, and its partner ranks shrank 3.5 percent.

With its ranks tightened and other costs cut, Milbank's profit per equity partner rose 5 percent to $2.23 million. Revenue per lawyer also increased five percent to $1.126 million.  Last year, the firm laid off 49 associates and pushed back the start year for its first-year class. (That class started this January.)

The firm's partner ranks, both equity and nonequity, dropped slightly, from 145 to 140.  Chairman Mel Immergut said the firm was very pleased with these results, especially in light of the slow start to 2009. "We're super happy with this," he said. "The first five months of last year were really, really poor. If you had asked me if there was any way our numbers could be up last May, I would have said you're dreaming."

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.

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

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