Revenue and Profits down, PPP up at Dickstein Shapiro

As a firm, Dickstein Shapiro shared the country’s economic woes in 2009 with revenues dropping by 4.78% and profits dipping 5.17%, but the partnership still managed to do ok.  Per partner profits were up 6.76% to just over $1 million.  The discrepancy is due to an 11% reduction in the number of equity partners firm wide.  The number of non equity partners rose slightly and non equity partner compensation jumped by a little more than 8% to an average of $525,000.

Associates didn’t fare as well with two rounds of layoffs and a salary freeze.  This year, associates at the firm are being paid using a merit based system rather than lockstep compensation.