Last year marked the second straight year the firm reported lower profits. In 2008 profits dropped an estimated 2%. The firm also restated gross revenue for 2008 yesterday. Initially gross revenue for 2008 was reported at $492 million but was adjusted Thursday to $473 million. Sonnenschein attributed the discrepancy between the figures to a change in accounting. Last year Sonnenschein cut associate compensation and cut about 20 lawyers, including income partners.
Sonnenschein was founded in 1906. It has 13 offices in the U.S. and Europe and more than 700 lawyers.