Top NY Firms with Banking Ties See Bigger Partner Profits, Outperform Their BigLaw Counterparts
Ties to investment banking clients were apparently a plus for several top New York law firms that saw double-digit percentage increases in partner profits last year.
The good financial numbers contrast with those of BigLaw as a whole, which had mixed financial results, the Am Law Daily reports. The publication lists these firms with banking ties and big increases in average profits per equity partner (PPP):
• Fried, Frank, Harris, Shriver & Jacobson, which had a “staggering” 28 percent increase in PPP, to $1.6 million.
• Cleary Gottlieb Steen & Hamilton, with an 18 percent increase in PPP, to $2.6 million.
• Paul, Weiss, Rifkind, Wharton & Garrison, with a 15 percent increase in PPP, to $3.05 million.
• Skadden, Arps, Slate, Meagher & Flom, with a 10 percent increase in PPP, to $2.32 million.
• Simpson Thacher & Bartlett, with a 9 percent increase in PPP, to $2.64 million.
Two law firms had decreased partner profits, however: Shearman & Sterling, with an 8 percent drop in PPP, to $1.56 million; and Weil, Gotshal & Manges, with a 2 percent drop in PPP, to $2.26 million.
Results are still unknown for Sullivan & Cromwell; Cravath, Swaine & Moore; and Wachtell Lipton Rosen & Katz.
Prior coverage:
ABAJournal.com: “Kirkland PPP Soars 23%, Topping $3M”
ABAJournal.com: “Cahill Revenue Soars 20% to $323M, PPP Rockets 27% to $3.23M, Both All-Time Records”
ABAJournal.com: “Latham’s Gross Revenue Nears $2B Again, Up 6 Percent from 2009; PPP Nears $2M”
ABAJournal.com: “Calwalader Gross Dips for 4th Year, But PPP Is $2.39M; Akin Gump PPP Soars 10.4% to $1.6M”
ABAJournal.com: “Quinn Emanuel to Pay Associate Bonuses of Up to $82K, As Boies Schiller Tops Out at Over $200K”
