Morgan, Lewis & Bockius saw declines in revenue and profits in 2009 as a general economic slowdown and a hiring spree impacted the firm's bottom line. As of Sept. 30, the end of Morgan Lewis' fiscal year, 2009 revenue declined by nearly 5 percent to $1.07 billion from $1.12 billion in 2008. The firm's 2009 financials contrast sharply with 2008; that year, Morgan Lewis saw an 8 percent boost in PPP. "We knew we dodged the bullet [in 2008], but we knew the hit was coming later," said managing partner Thomas Sharbaugh.
Morgan Lewis Sees Sharp Drop in Profits, Revenue
The American Lawyer
February 11, 2010