Am Law 100 firm Paul, Weiss, Rifkind, Wharton & Garrison had a solid 2008, with both revenue and profits on the rise.
Gross revenue reached $692 million, up 6.3% from 2007; and profits per equity partner climbed to $2.65 million, up 2.3%. At $1.07 million, revenue per lawyer was flat. Head count at the firm, a traditional one-tier partnership, grew by 6% to almost 650 lawyers.
In 2008, the firm handled several high-profile matters, most notably its successful defense of Citigroup in a $2 billion lawsuit in which Italian dairy giant Parmalat charged that the bank contributed to the fraud that led to its bankruptcy. Jurors awarded Citigroup $364.2 million; Parmalat got nothing.
Paul Weiss is representing Bear Stearns in securities suits arising from the investment bank’s failure, and also counts two of Bernard Madoff’s sons as clients.
Recent lateral hires, including Beth Wilkinson, the former general counsel of Fannie Mae, and Walter Ricciardi, a deputy director of the SEC, should prove to be client magnets.