What can you tell from the numbers emerging from America’s largest law firms as this year’s ‘reporting season’ gets under way? The obvious conclusion – aside from the fact that the uncertain economic climate is already having some impact – is that it is going to be the most unpredictable, interesting year that the world’s largest legal market has produced in a long, long time.
After four years when peer group firms have posted broadly similar growth rates and profitability, the 2007 numbers are already varying widely between firms. So while Cadwalader and Howrey have seen falls in partner profits, the chalk-and-cheese pairing of Latham & Watkins and Dorsey & Whitney have managed substantial growth to the bottom and top lines.
