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Latham & Watkins on Wednesday released its financials for fiscal year 2009 and the picture that’s emerging is of a firm on the mend. While revenue was down 5 percent last year, profits inched up by the same percentage. The optimistic figures come after the firm’s profits per equity partner suffered one of the steepest falls among Am Law 100 firms in 2008.

Gross revenue was $1.821 billion in 2009 down from $1.923 the previous year. The 5 percent rise in PPP boosted that number to $1.902 million. The increase in PPP was off the back of a dramatic rise in net income, which increased from $786 million to $844 million.

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