Latham & Watkins saw its profits drop 21 percent last year, one of the biggest falls so far reported by an Am Law 100 firm. Profits per equity partner fell from $2.27 million in 2007 to $1.8 million in 2008. The firm also saw a dip in revenues -- a 4 percent decrease to $1.9 billion has knocked the firm back below the $2 billion mark. Last year, Latham and Skadden, Arps, Slate, Meagher & Flom became the first two firms of The Am Law 100 to break past the $2 billion level in gross revenue.
Latham Profits Drop 21 Percent, Off $470K Per Partner
The American Lawyer
February 9, 2009