The Lawyer’s new China Elite report contains the most detailed research available on the PRC legal market and contains unparalleled insight into the country's leading law firms. They vary in size, practice focus and geographic coverage, but they all share one common quality – ambition... Read more
This year, The Lawyer’s annual ranking of the largest UK law firms by turnover is available as an interactive, digital benchmarking tool. For the first time this will allow you to manipulate each data set against the metrics of your choice.
Sonnenschein, Nath & Rosenthal posted a slight increase in gross revenue last year but saw its average profits tumble more than 12 per cent.
The Chicago-headquartered firm’s turnover rose to $492m last year, an increase of 2.9 per cent. Average profit per equity partner fell just over 12 per cent to $804,000.
Last summer, Sonnenschein was among the first group of firms to announce major layoffs, with a redundancy round that saw a total of 124 staff lose their jobs including 37 lawyers.
At the end of its fiscal year, however, Sonnenschein bulked up its lawyer numbers with a 100-lawyer acquisition from collapsed firm Thacher Proffitt & Wood (22 December 2008).
"We begin 2009 with substantial momentum from our addition of 100 lawyers from Thacher Proffitt on 1 January, the addition of 17 new partners and counsel in the last 30 days, and the economic dividends of having made a set of difficult decisions in 2008," said Sonnenschein chairman Elliott Portnoy. "While challenging, we moved swiftly in 2008 to address underproductivity and costs, and 2009 is shaping up to be a strong year for Sonnenschein."
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