Photo: U.S. Marines
Just in case your ears aren’t bleeding from the repetition yet, we’ll say it again: last year was bad for BigLaw (though for partners, paychecks stayed mostly the same). And Fried Frank was no different.According to Am Law Daily, the firm ended its fiscal year on February 28 with revenue down 13% and profit per partner up 6%.
The disparity seems to have been caused by layoffs. Am Law reports the firm lost 100 lawyers in the year ending Aug. 31, 2009 while Law Shucks calculates 71 lawyer layoffs since November 2008. That partnership call sheet also dropped by 14%.
The decrease is revenue does not seem to have dragged management down. Firm chairman Valerie Ford sounds upbeat, touting the year as “the firm’s third most profitable year.”
Way to plug that silver lining.
Read more details at Am Law.
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