New York City’s White & Case reports it profits per equity partner fell by 5% in 2008 to $1.6 million. The decrease came despite a 7% rise in revenues to $1.467 billion.
The firm laid off 70 associates last November.
Revenue per lawyer fell from $720,000 to $705,000, and continues to lag behind many Am Law 100 competitors such as Latham & Watkins, Mayer Brown, and Orrick, Herrington & Sutcliffe.
In December the firm announced a reorganization of its management structure, following a four month review of its operations by management consultants McKinsey & Co. The changes mean that the firm is now run more closely along regional lines, rather than by office, and has placed renewed focus on 16 global practice groups.
There are no plans for additional layoffs.
Founded in 1901, White & Case LLP is a leading global law firm with 2,300 lawyers in 38 offices in 25 countries, and a total staff of more than 4,800.