Posted Jan 29, 2010 04:39 am CST
Another BigLaw firm has reported increased partner profits last year even though its income decreased.
Reed Smith says profit per equity partner in 2009 hit the $1 million mark, reports the Am Law Daily. But the firm fell a bit short of the $1 billion mark in its overall revenue, which dropped 3.8 percent to $942 million.
“It was a really tough year,” managing partner Gregory Jordan tells the Am Law Daily. “Demand was way down, and we had to make a lot of tough decisions.”
As partner profits rose, compensation for at least some nonequity attorneys at the firm fell. Reed Smith also trimmed its nonequity partner ranks, cutting attorneys by 6 percent and staff by 4 percent while increasing the partner ranks 4 percent.
Partner profits at Reed Smith also hit the $1 million mark in 2007, reports the Legal Intelligencer in a January 2008 article. The firm had $892 million in revenue in 2007.
ABAJournal.com: “Reed Smith Will Ask Nonequity Partners to Pony Up Possibly 15% of Pay”