Cahill Gordon Nudged from List of 100 Top-Grossing Law Firms
In 1985, New York’s Cahill Gordon & Reindel was No. 35 on American Lawyer’s first list of the nation’s top-grossing law firms. In 2008, an 11.8 percent drop in gross revenues nudged the firm out of the top 100.
The co-administrative partner of the 265-lawyer firm, Jonathan Schaffzin, told the American Lawyer it would have been great to remain in the top 100, but the firm’s focus is on profitability rather than gross revenue.
Gross revenues for the firm last year were $247 million, and profits per partner were $2.12 million, the American Lawyer reports. The latter figure keeps the law firm a consistent strong finisher on the publication’s list of most profitable firms.
Cahill focuses its practice on litigation and corporate work and has only three offices—in New York, Washington, D.C., and London. It now has the last laugh on competitors who rushed to open up offices in locations such as Charlotte or Dubai, only to see work decline in the new outposts, according to the story.
The article says the firm is “notoriously cost-conscious,” an observation echoed by Schaffzin.
“We’re very focused on the bottom line and maintaining strong profitability,” he told the American Lawyer. “One of the things that we’re proud of is that we manage the firm just for a circumstance like this, for a downturn.”
