Latham profits plunge 21%, revenue down $100m
Latham & Watkins saw its profits drop 21% last year, one of the largest falls so far reported by a leading US law firm, writes The Am Law Daily. Profits per equity partner fell from $2.27m (£1.54m) in 2007 to $1.8m (£1.22m) in 2008, it was confirmed today (9 February).The top 10 US firm also saw a dip in revenues - a 4% fall to $1.9bn (£1.29bn) knocked the firm back below the $2bn (£1.36bn) mark. Last year, Latham and Skadden Arps Slate Meagher & Flom became the first two US firms to break past the $2bn level in gross revenue.
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