Pillsbury Winthrop Shaw Pittman has posted end of year financial results that reveal a slight dip in revenue and effectively flat net profit growth.
Pillsbury’s gross revenue was $576m (£313.8m), down 2.4 per cent from $590m (£295m) in 2007. Net profit grew slightly from $171m (£85.5m) to $171.5m (£93.5m) while remuneration to non equity partners only dropped more significantly by 9.2 per cent, from $76m (£38m) to $69m (£37.6m).
Average profit per equity partner fell to $974,000 (£530,700), down 2.6 per cent from $1m (£500,000) in 2007.
In a statement, Pillsbury admitted 2008 had been “a challenging year” for the legal industry but said it had placed the firm’s emphasis on “maintaining profitability and a sound financial foundation” in the new business environment.
Pillsbury recent initiatives aimed at combating the effects of the downturn included launch of a subprime and credit crisis task force in spring 2007.
The firm also recruited more than 30 laterals in the fourth quarter of 2008, including its acquisition of Thelen’s China practice (29 September 2008).