Boo Hoo for the Partners in the Am Law 100
I'm weeping to read that for the first time since 1991, both average profits per partner and revenue per lawyer dipped last year among the Am Law 100 firms. And, I'm choked up that given the weakness in the market thus far in 2009, another decline seems likely this year.
This proves the maxim, “what goes down must go down further.”
I'm crying crocodile tears for the Wachtell lawyers whose profits per partner plummeted 18.9% to $4,000,000 each. What a tragedy. I don’t know how those Wachtell guys can survive in New York on only 4 mil a year.
The Cravath partners got a similar haircut. Their profits per partner dropped 23.6% -- just shocking for America’s silkiest stocking firm – to $2,500,000 per partner. They must be scrimping by, firing their chauffeurs and driving their cars themselves, dropping country club memberships and sweeping their own driveways in their second homes in the Hamptons.
Then there's the poor schlubs at Simpson Thacher, where profits per partner crashed down 13.9% to a mere $2,475,000. I guess that means 13.9% less caviar, back rubs and Mephisto shoes for them. What a terrible shame.
These are indeed harsh times.
For the entire story you have got to read “Lessons from the AmLaw 100 Nothing Grows Forever”: http://www.law.com/jsp/article.jsp?id=1202430284287
