Willkie Farr & Gallagher today reported a drop of 5.39 per cent in profit per equity partner (PEP) for the 2008 financial year.
The US firm’s PEP dipped from $2.2m in 2007 to $2.1m in 2008. Gross revenue also dropped, by 3.22 per cent from $602m to $583m last year. Revenue per lawyer (RPL) saw a 5 per cent drop from $1.05m to $1m.
Last year, The Lawyer reported on Willkie Farr reporting double digit increases for both PEP and revenue in 2007, up 10 per cent and 20 per cent respectively (29 January 2008).
Dorsey & Whitney has also announced its 2008 financial results today, reporting flat revenue at $367m and a decrease in PEP from $672,000 in 2007 to $661,000 last year.
Dorsey managing partner, Marianne Short, said: “It was, of course, a very challenging year for everyone. We have seen an increase litigation during last year and certainly expect that to continue.”