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2300 N Street, NW Washington, DC 20037-1122 Phone: +1.202.663.8000 Fax: +1.202.663.8007 www.pillsburylaw.com
Last year marked Pillsbury’s first year as a merged entity — and the firm seems to be treading water. The good news: The firm dropped more than 20 lawyers in 2005, yet local revenues jumped 14 percent to $196 million. The bad: Profits per partner dipped by $5,000 to $765,000. The losses weren’t a surprise. D.C.-based Shaw Pittman saw a series of defections, including a 20-lawyer group that jumped to Hunton & Williams, leading up to its April 2005 merger with Pillsbury. More recently, the firm lost its six-partner, 13-person group of banking regulatory attorneys in January to Mayer, Brown, Rowe & Maw. Despite the losses, Pillsbury maintains a 304-lawyer Washington operation, with 123 equity partners and 65 nonequity partners. Both Shaw Pittman and Pillsbury Winthrop had gone through a major de-equitization process in preparation for the merger. But D.C. managing partner Maureen Dwyer says that there was no major move to de-equitize any partners last year. The de-equitizations provided an initial boost to Pillsbury’s profits per equity partner in 2004, but growth stalled last year. Dwyer says the firm had to absorb merger costs in 2005 and is looking for better numbers this year. “Last year for us was a very productive and successful transition year,” she says. “I was pleased with the firm’s performance, considering many one-time costs and expenses.” The firm’s global-sourcing practice helped cushion the bottom line in the transition year. Partner Trevor Nagel led Pillsbury’s legal team advising Netherlands-based food retailer Ahold on implementing a two-tiered sourcing strategy that would divide global and regional service and technical responsibilities for the company. The firm’s energy and real estate practices are also strong right now, says Dwyer. The firm has long had a foothold in nuclear energy, and that work has increased as more attention has been given to building nuclear power plants. The firm’s real estate practice also saw action, with Pillsbury representing The Mark Winkler Co. and its affiliates in the sale of $2.3 billion worth of property in the D.C. metro area. A team of 25 lawyers, headed by John Engel, William Horton, and Marjorie Fisher, completed the deal. Pillsbury’s management remains in flux, with firmwide managing partner Mary Cranston stepping down earlier this year. Dwyer says the management committee is meeting to name her successor before the firm’s annual retreat later this month. “This is really the year we expect the firm to take off and reap the benefits of the merger,” says Dwyer.
• RANKINGS •
D.C. 20 (2006)Rank by D.C. revenue: 8D.C. Revenue (2005): 196,000,000D.C. Revenue (2004): 171,500,000Revenue per lawyer: 645,000Profits per partner: 765,000Average Compensation All Partners: 545,000Lawyers/Equity All Partners: 304/58Firmwide Revenue (2005); 574,000,000Rank by D.C. Revenue (2005): 12 D.C. 20 (2005) [Shaw Pittman before merging with Pillsbury Winthrop]D.C. Revenue 2004: 171,500,000D.C. Revenue 2003: 165,800,000Revenue Per Lawyer: 575,000Profits Per Partner: 770,000Average Compensation All Partners: 535,000Lawyers/Equity Partners: 299/43Firmwide Revenue 2004: 191,500,000

LT150 (2006)Lawyers in Office (2006): 209Partners in Office (2006): 89Lawyers in office (2005): 223Partners in office: (2005): 97Percent Change in Number of Lawyers: -6.3Associate Hires Expected 2006: N/A LT150 (2005)Rank: 17Lawyers 2005: 223Partners 2005: 97Lawyers 2004: 252Partners 2004: 103Percent Change: -11.50Associate Hires: 26

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