Reed Smith reached the $1 million profits per equity partner mark in 2009 with a 7 percent increase. Although revenues could have reached the $1 billion milestone with a mild rise, they instead dipped by 3.8 percent, to $942 million. Reed Smith managed the feat of raising profits on falling revenue by squeezing the traditional pyramid structure: While the equity partnership grew by 4 percent, the firm shrank the ranks of non-equity lawyers by nearly 6 percent, and staff by about 4 percent.
January 29, 2010 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
Reed Smith reached the $1 million profits per equity partner mark in 2009 with a 7 percent increase. But while revenues could have reached the $1 billion milestone with a mild rise, they instead dipped by 3.8 percent, to $942 million.
“It was a really tough year,” says managing partner Gregory Jordan. “Demand was way down, and we had to make a lot of tough decisions.”
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