Jim Rishwain, Pillsbury firm chair (Jason Doiy)
SAN FRANCISCO — Pillsbury Winthrop Shaw Pittman eked out a slight increase in net income in 2013, even as gross revenue dipped 3.1 percent to $543.5 million.
Revenue per lawyer was unchanged at $920,000, as was profits per partner, at $1.1 million.
The firm, which last year was in merger talks with Orrick, Herrington & Sutcliffe, saw lawyer headcount decline 3 percent, to 591. It thinned its ranks of nonequity partners by 2.6 percent, and cut compensation for those lawyers by 5.9 percent. This year’s tepid results are a big change from 2012, when the firm’s gross revenue rose 7 percent to $561 million, powered by 8 percent gains in revenue per lawyer. Profits per partner rose 10 percent to $1.1 million. A Pillsbury spokesperson said chairman James Rishwain and other members of the executive team weren’t available for comment Monday.
This report is part of ALM’s preliminary coverage of 2013 financial results for The Am Law 100 and 200. Final rankings and full results for The Am Law 100 and 200 will be published later this year.
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