Am Law 100 firm Cravath, Swaine & Moore saw 2008 gross revenue fall 13%, while profits per partner dropped 24% to $2.5 million.
The firm announced last November that it was cutting associate bonuses.
Last year’s revenue was $532.5 million, compared to $610 million in 2007. Its costs — all expenses except partner income — actually fell last year, despite an enormous summer associate class of 160 and a large first-year class of 110.
Cravath, Swaine & Moore LLP is based in New York City, with an additional office in London. The second oldest firm in the US, Cravath was founded in 1819.