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According to Paul Weiss chairman Brad Karp, 2009 was “the most profitable year in our firm’s history”. Not bad for a year marked by recession and uncertainty in the legal market and a nice repeat of 2008’s growth. What’s most remarkable is that Paul Weiss dramatically increased profits without resorting to layoffs – in fact, the attorney head count inched up by six to 653.
Gross revenues were down slightly, but per partner profits rose from $2.65 million to $2.69 million. The increase was driven by a strong year for the restructuring and litigation practices. The firm represents several large financial institutions that have taken some heat over the last year, like Citigroup, Bank of America, and JP Morgan/Bear Stearns. With more legal action on that front expected in 2010, the firm expects to have another good year.
