Our year was basically a year of two halves," says Fried, Frank, Harris, Shriver & Jacobson chair Valerie Ford Jacob. "We had great momentum in the second half of the year, but a slower period in the first half, so we ended up essentially flat on time value and billings year-over-year."
But when it came to The Am Law 100′s key financial metrics, the first-half slowdown had more sway: Fried Frank’s gross revenue slid 6.3 percent in 2012, to $444 million, while revenue per lawyer dipped 2.6 percent, to $935,000.Profits per partner plunged 16.8 percent, to $1.315 millionthe steepest dive in that metric of any Am Law 100 firm. Meanwhile, the firm’s profit margin tumbled from 45 percent to 40 percent.
