More Major US Firms Report Major Profits
Posted Feb 14, 2008 3:01 PM CST
By Martha Neil
After news of record-breaking gross revenue at two U.S. legal goliaths, handsome profits for 2007 have been reported by four more BigLaw firms.
Weil Gotshal & Manges soared past the $2 million mark in profits per equity partner, up 11 percent from last year to $2.11 million. Meanwhile, another New York City-based major firm, Milbank Tweed Hadley & McCloy, reported even heftier PEP: up 16.4 percent to $2.53 million, according to a Legal Week article that provides other firm financial information as well.
Two other BigLaw firms based in Chicago reported that their equity partners raked in substantially lower seven-figure profits: Those at Mayer Brown saw a 9 percent increase in PEP to $1.24 million, and a 6.5 percent rise at Winston & Strawn brought PEP to $1.28 million, according to another article in the British legal publication.
Total revenue for the year for the four firms ranged from $642.5 million at Milbank Tweed to $1.183 billion at Mayer Brown. As discussed in an earlier ABAJournal.com post, two U.S. firms have for the first time topped the $2 billion mark in gross revenue: Latham & Watkins and Skadden, Arps, Slate, Meagher & Flom. Their profits per equity partner in 2007 were $2.27 million and $2.28 million, respectively.