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.
February 11, 2010 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
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. Profits per equity partner (PPP) dropped 15 percent to 2006 levels. The firm’s 2009 financials contrast sharply from 2008 — that year, Morgan Lewis saw an 8 percent boost in PPP.
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