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West Coast-based Gray Cary Ware & Freidenrich has been hit by the departures of two partners as it struggles to return profitability to its former level
Litigation partner and white collar crime expert Walt Brown has joined Orrick Herrington & Sutcliffe after just two years at Gray Cary, while insurance coverage partner Martin Myers moved to Heller Ehrman White & McAuliffe. Both equity partners left on 13 June.
Gray Cary combated some of the impact of the departures by taking on Sang Kim, a tax specialist from KPMG. However, the firm has been attempting to boost income after seeing a sharp decline in profits for 2002. A strong focus on the technology sector inevitably contributed to profits per partner falling to $460,000 (£475,000) in 2002 from $515,000 (£308,000) in 2001 and $525,000 (£313,500) the year before that.
Last year, Gray Cary introduced two rounds of job cuts, affecting 68 associates and 101 staff, and delayed the start date for a number of its new recruits.