Revenue down at Paul Weiss as PEP nudges up
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Paul Weiss Rifkind Wharton & Garrison has posted a slight dip in revenue for the 2009 financial year but a rise in average profit per equity partner (PEP).
Provisional results for the 2009 calendar year show Paul Weiss generated a total turnover of $678m (£419.8m), around 2 per cent down on 2008. In contrast PEP was up, also by around 2 per cent, to $2.69m.
A firmwide push on reducing operating expenses is thought to be behind the increase in profitability.
The cost savings are not thought to have included job cuts during 2009. In contrast to many US firms that laid off ranks of associates, Paul Weiss grew its junior lawyer ranks by around 40.
The firm’s chairman Brad Karp said the year had ended strongly, a trend that continued into 2010.
“We’re starting the year in a very strong position,” said Karp. “We have a great deal of inventory and we’re busier across our practice areas than ever. In fact, we are coming off of the strongest October, November and December in the firm’s history.”
Paul Weiss is best known as one of the US’s premier litigation practices, a tag borne out by prominent roles last year for clients such as Citigroup, Bank of America and JPMorgan.
