The Pittsburgh, Pennsylvania-based firm increased its revenue per lawyer by 2% from $554,000. The profits per equity partner fell 1.2% dip from $570,000. The average compensation for all partners decreased by 3.6% from $445,000 to $429,000.
The firm expects a lower attorney headcount by the end of March after the annual performance review process. It is also leaving vacancies open. They cut 25 staff positions in November, and 30 in February.
The firm saw a 5% drop in headcount in 2008, to 481 lawyers. Buchanan’s equity partner tier grew by one from 108 to 109, and the non-equity tier increased by 11.8% from 85 to 95.
The firm did not cut salaries in 2008 or so far in 2009, and paid bonuses — but salaries are frozen. Buchanan Ingersoll will have a smaller summer class in 2009, and the firm’s starting associates will start on the normal date.
Buchanan, Ingersoll & Rooney PC is a law firm and lobbying group. The firm has over 500 lawyers in sixteen offices nationwide, and was ranked 82nd on the National Law Journal’s 2008 list of the 250 largest law firms in the United States.