Skadden Joins Latham at Record $2B Revenue Level
Posted Feb 13, 2008 1:43 PM CDT
By Martha Neil
Following swiftly on the heels of the news that total 2007 revenue for Latham & Watkins exceeded $2 billion, another major U.S. law firm has joined in the record-breaking announcement.
Skadden, Arps, Slate, Meagher & Flom also had gross revenue of more than $2 billion in 2007, reports the Lawyer. The two firms are the first ever in the U.S. to hit the $2 billion mark.
As discussed in an earlier ABAJournal.com post about Latham's 2007 earnings, the profit earned per equity partner at both firms isn't quite as breathtaking. Although well over $2 million (it was $2.28 million per equity partner at Skadden and $2.27 million at Latham, the Lawyer reports), other law firms have reported higher per-partner profit figures.
While the money is welcome, it isn't the only measure of BigLaw success, an unnamed Skadden "insider" tells the Lawyer: “Size isn’t our goal. It’s more important to be a meaningful player and to maintain a good profit margin.”