Wall Street leaders Skadden Arps Slate Meagher & Flom, Sullivan & Cromwell and Davis Polk & Wardwell have all posted falling profits for 2008, it has emerged, despite the trio avoiding year-on-year declines in revenues.
The Am Law Daily reports that Skadden managed to remain the highest-grossing law firm in the US top 100 to date, eking out a 1.4% increase in gross revenue to reach a 2008 total of $2.2bn (£1.47bn). In a dreadful year for M&A, Skadden’s corporate practice was relatively strong, particularly in representing takeover targets.
