Latham PEP falls more than a fifth

Latham & Watkins has posted a 21 per cent drop in average profit per equity partner (PEP) for the 2008 financial year.

The top line fall means average PEP at Latham last year stood at $1.8m compared with $2.27m in 2007.

Total revenue at Latham also fell in 2008, with a 4 per cent drop taking turnover to $1.9bn, back to below the $2bn threshold the firm broke last year.

The expansionist US firm’s financial performance for 2008 had been hotly anticipated, with sources last week suggesting the firm’s turnover could have dropped by as much as $400m.

Latham did not comment.

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