Partner Profits Fall 23 Percent at Fried Frank
Posted Mar 18, 2009 9:00 AM CDT
By Debra Cassens Weiss
Profits per equity partner have fallen by 23 percent at Fried, Frank, Harris, Shriver & Jacobson, nearly matching the 24 percent drop at Cravath, Swaine & Moore.
Fried Frank’s fiscal year ended on Feb. 28, the American Lawyer reports. “Most law firms were happy to put 2008 behind them, and hope for a better 2009,” the publication says. “But for Fried, Frank, Harris, Shriver & Jacobson, the year from hell continued for another two months.”
Profits now stand at $1.23 million for each equity partner; at Cravath, the amount is $2.5 million. Gross revenue at Fried Frank fell more than 9 percent, compared to a 13 percent drop at Cravath. Other firms with plummeting revenue include Cadwalader, Wickersham & Taft, which saw a 14 percent drop, and Cahill Gordon & Reindel, which recorded a 12 percent decline.
A firm spokeswoman told the American Lawyer that Fried Frank is a transactional firm, and it was a bad year for that work.