Photo: Diego M. Radzinschi/ALM
“You’re seeing a drop in hours but an increase in revenue and profitability, which is exactly what we’re trying to achieve,” said senior partner David Beveridge.
February 28, 2020 at 12:43 PM
1 minute read
The original version of this story was published on New York Law Journal
Shearman & Sterling’s revenue and profits per equity partner each rose just over 1% last year, as the firm balanced new hires, exits and new office openings amid a renewed focus on U.S. business.
Gross revenue grew 1.3% to $968.16 million, and average profits per equity partner rose 1.2% to $2.46 million. As total lawyer head count declined by nearly 4%, a net loss of about 33 lawyers, the firm’s revenue per lawyer grew 5.2% to $1.14 million.
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