Hogan & Hartson has reported an increase in total revenue for the 2008 financial year, two weeks after it revealed it is offering buyouts to 240 of its support staff.
Hogan posted gross revenues of $922.5m, a 4.8 per cent rise on 2007’s total of $880m. However, average profit per equity partner fell 2 per cent at the Washington DC-based firm from $1.19m to $1.16m.
Hogan’s recent buyout offer was made to the firm’s legal secretaries and word processors. It is viewed by Hogan as an alternative to layoffs, a cost-cutting step that has rapidly become a stock feature of the US legal market.
In spite of its falling profits, Hogan did continue to expand internationally during 2008. In August it launched its first-ever office in the Middle East when it opened in Abu Dhabi (1 Jul 2009).
Hogan did not comment.