Dorsey & Whitney Report Decline in Revenue and Profits

Dorsey & Whitney reported that revenue dropped 6.85% to $341,917,000 and profits per partner dropped 7.1% to $613,984 in 2009. The firm increased its non equity partners by 17% to 75. These additions caused a 16% increase in compensation for non equity partners to $25,459,300. Revenue per lawyer dropped 8.7% to $573,686.

Dorsey hired five bankruptcy and restructuring partners in Salt Lake City last March. The firm hired in the Palo Alto, New York, Minneapolis and London offices and opened an office in Sydney last April. The firm also recruited 40 or associates in the fall of 2009. Dorsey cut 8% of the firm’s expenses in 2009 and laid off 55 staff member last June.

Dorsey & Whitney is a global law firm based in Minneapolis. Founded in 1912, the firm has around 677 attorneys and 19 offices in North America, Europe and Asia.