Orrick and MoFo post double-digit PEP falls
A number of major US firms have posted plunging partner profits for 2008 as the first financial results emerge from the buffeted US legal market. Orrick Herrington & Sutcliffe and Morrison & Foerster (MoFo) saw profits per equity partner (PEP) fall by 21% and 13% respectively, as rising costs, including associate salary increases and outlays for expansion, dragged down profits.Legal Week's US sister title The Recorder surveyed seven of the largest Bay Area firms, with most reporting a drop in PEP, with Orrick's decline of 21% being the most dramatic.
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