Morgan Lewis sees sharp drop in profits and revenue
Morgan Lewis & Bockius saw declines in revenue and profits in 2009 as a general economic slowdown and a hiring spree impacted the firm's bottom line, writes the Am Law Daily. As of 30 September, the end of Morgan Lewis's fiscal year, 2009 revenue declined by nearly 5% to $1.07bn (£685m) from $1.12bn (£718m) in 2008. Profits per equity partner (PEP) dropped by 15% to 2006 levels. The firm's 2009 financials contrast sharply from 2008 - that year, Morgan Lewis saw an 8% boost in partner profits.
Morgan Lewis & Bockius saw declines in revenue and profits in 2009 as a general economic slowdown and a hiring spree impacted the firm’s bottom line, writes the Am Law Daily.
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