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After three consecutive years of decline, Sonnenschein Nath & Rose LLP, a premiere international law firm with more than 800 lawyers, reported that its profits per equity partner (PPP) are finally up by 15%, from $720,000 in 2009 to about $827,000, in 2010 . But Sonnenschein’s gross revenue fell to $454.6 million in 2010, an 8% drop from $492 million in 2008. Sonnenschein’s gross revenue has been on the decline for two consecutive years now. The figure will be Sonnenschein’s last record as a separate entity since it merged with UK firm, Denton Wilde Sapte, in September. The two firms now bear the name SNR Denton LLP.
Elliot Portnoy, chief executive of SNR Denton, said that the entire firm is pleased about the result given that the legal industry has suffered from a series of setbacks over the past few years (credit creasy). “Despite challenging market conditions for our clients and the entire legal industry, and with 11 percent fewer lawyers, we are very pleased with SNR Denton US LLP’s year-over-year increase in net income and in other key metrics.”
Denton, in its last full fiscal year as a separate entity, registered gross revenue of $267 million (£167.5 million) and profits per equity partner of $464,000 (£353,000), with a profit margin of 19% for 2009-10.
