News Banking and finance US & The Americas Law firms US firms’ 2009 London financials highlight depth of market woes By The Lawyer 11 April 2010 00:00 17 December 2015 16:06 Transatlantic behemoths remain resolute in spite of dramatic year-on-year reductions in City revenues Anonymous 12 April 2010 at 14:32 I’d like to meet the 0.43 at Jones Day. Reply Link Anonymous 12 April 2010 at 15:57 ‘But arguably one of the best performers was Paul Hastings: its London revenue increased by 44 per cent to $39m. It comes after the firm stepped up investment in its London base, most notably bringing in seven partners from Cadwalader’ …and getting rid of at least 15 of its own Associates over the past year….you could count the original PH associates on one hand now! Reply Link Anonymous 12 April 2010 at 18:19 I’d like to meet the 0.43 at Jones Day. And the 0.1 of a lawyer at Reed Smith. I have pretty low confidence in these tables after this, and the Bakers error this morning. Reply Link anonymous 13 April 2010 at 09:53 The 0.4 and 0.1 will refer to full time equivalents surely so that like is being compare with like? There are quite a lot of people who work part time these days….. Reply Link Will 13 April 2010 at 15:31 Surely for the most part, the drop in the financials is due to the weak pound, which has fallen from over $2 to $1.35 at one point (a 30% decline). Against that backdrop, some of the figures look pretty impressive. Reply Link Anonymous 13 April 2010 at 18:27 so Paul Hastings really made money out of its cadwalader hires?? It doesnt stack up. When you look at their profiles and recent deal lists, few show any activity since they joined and all they post there are deals they did prior to 2007, Reply Link Flanaghan's Blondes 17 April 2010 at 23:56 “Transatlantic behemoths remain resolute” must be one of the most inaccurate summaries of a news story since the “It’s only a scratch” headline on the day Oswald shot JFK. These firms panicked at the first sign of a downturn. Their biggest costs became redundancy pay and brown cardboard boxes. The Associates, Assistants, Paralegals and Support Staff got the chop. Now they’re uniquely placed to be unable to respond to the upturn. Expect to see desperate recruiting once the corporate market picks up. The lessons learned from the last three years will be forgotten. Reporting like this helps them forget faster. Reply Link Name Email Cancel reply Threaded commenting powered by interconnect/it code.