McDermott’s revenues drop 1.2 per cent

McDermott Will & Emery is the latest US firm to admit a drop in global revenue during the 2008 financial year.

While Cadwalader Wickersham & Taft recorded a significantly lower turnover figure, down 13.8 per cent, McDermott’s revenues fell by 1.2 per cent.

The firm attracted $966m in 2008 compared with $978m in 2007 while the average profit per equity partner (PEP) figure remained static at $1.52m.

Last year the firm made an effort to advance its network in the US and Europe. In February it launched a Houston office after hiring a team of energy lawyers from Bracewell & Giuliani (24 November).

In the UK McDermott hired former Taylor Wessing UK head Gary Moss to lead its IP practice (4 September).

Orrick Herrington & Sutcliffe and Morrison & Foerster were the first US firms to report year end figures earlier this week. Orrick suffered a 20.8 per cent dip in PEP, down from $1.66m in 2007 to $1.32m, while Mofo reported a 13 per cent drop from $1.27m to $1.1m in 2008.

McDermott was unavailable for comment.