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555 Twelfth Street, NW Washington, DC 20004-1206 202.942.5000 202.942.5999 Fax www.arnoldporter.com
The fen-phen litigation has fueled countless billable hours for attorneys at Arnold & Porter since the firm became Wyeth’s lead counsel almost nine years ago. But as the diet-pill cases start to wind down, the firm is feeling the pinch. For the third straight year, Arnold & Porter’s D.C. revenues have remained relatively flat at $308 million, in large part due to a drop in work from Wyeth. Indeed, the firm’s 2.5 percent revenue growth was less than half the pace of its rate hikes, an indicator that overall business is down. And though the firm has made efforts to give rainmaking partners higher pay, profits per partner have lagged at about $835,000. Yet financial figures don’t explain the full picture of the Washington stalwart’s fiscal health. Arnold & Porter has begun to recognize its challenge and has shed nearly 100 lawyers over the past two years. The trimming has helped boost the firm’s productivity, raising its revenues per lawyer 14 percent. New managing partner Richard Alexander believes this has helped position the firm for continued growth. Wyeth and Philip Morris International continue to generate a significant portion of the firm’s overall business, but Arnold & Porter has also begun diversifying its practice areas. Last year the firm hired 10 new attorneys in its New York office and brought in a six-attorney securities and enforcement group, which has represented a former KPMG audit partner as well as Arthur Andersen in unrelated Securities and Exchange Commission probes. And it has also dipped its fingers in restructuring debt for foreign countries, including two such transactions for Brazil. Despite the firm’s lagging revenues, Arnold & Porter still kept its hands in a few top deals of the year. It served as antitrust counsel to SBC Communications Inc. in its $16 billion acquisition of AT&T Corp. The firm handled regulatory matters for US Airways in its $1.5 billion merger with America West. And it was counsel to Boston Scientific Corp.’s stealth bid for Guidant Corp., first announced in late 2005.
D.C. 20 (2006)Rank by D.C. revenue (2006): 3D.C. Revenue (2005): 308,000,000D.C. Revenue (2004): 297,200,000Revenue per lawyer: 815,000Profits per partner: 835,000Average Compensation All Partners: 835,000Lawyers/Equity: 379/156Firmwide Revenue (2005): 465,500,000 D.C. 20 (2005)D.C. Revenue 2004: 297,200,000D.C. Revenue 2003: 299,000,000Revenue Per Lawyer: 710,000Profits Per Partner: 830,000Average Compensation All Partners: 830,000Lawyers/Equity Partners: 418/158Firmwide Revenue 2004: 454,200,000

LT150 (2006)Rank by size of D.C. office(2005): 3Lawyers in Office (2006): 390 Partners in Office (2006): 156Lawyers in office (2005): 417Partners in office (2005): 166Percent Change in Number of Lawyers: -6.5Associate Hires Expected 2006: 34 LT150 (2005)Rank: 3Lawyers 2005: 417Partners 2005: 166Lawyers 2004: 461Partners 2004: 166Percent Change: -9.5Associate Hires: 30

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