Orrick, MoFo suffer PEP falls at year-end

Orrick, MoFo suffer PEP falls at year-endOrrick Herrington & Sutcliffe and Morrison & Foerster are the first US firms to announce results for the 2008 financial year.

Orrick suffered a dip of 20.8 in profit per equity partner (PEP), from $1.66m in 2007 down to $1.315m in 2008. Global revenue grew by around 8 per cent, from $772m to $835m.

Orrick announced 40 layoffs in November (13 November), but despite this is currently considering further expansion and is exploring opportunities to launch in the Middle East.

Revenue at Morrison & Foerster grew 2 per cent, from $894m in 2007 up to $911m last year. PEP dropped by 13 per cent, from $1.27m in 2007 down to $1.1m in 2008.