Stevens & Lee saw revenue dip by $1 million in 2011 and expenses rise more than 8 percent, but the firm was able to increase partner profits marginally through a reduction in equity partners and small rate increases.
Revenue dropped just less than 1 percent from $114 million in 2010 to $113 million in 2011. Revenue per lawyer (RPL) fell 0.7 percent from $685,000 to $680,000, and its profits per equity partner (PPP) rose 1 percent from $1.005 million to $1.015 million. Average compensation for all partners dipped 0.7 percent to $690,000.
