AVAILABLE OPPORTUNITIES (312) 781-9000
18 May

Profits Unsurprisingly Down at Colossal Biglaw Firm, Reports AmLaw

by: Astor Professional Search

Mega-firm Reed Smith had a rough year in 2015, The American Lawyer reports–a year that perhaps led to the highly publicized 45-lawyer layoff in January 2016.  According to their annual Am Law 100 report, gross revenue fell 2.5 percent, revenue per lawyer went down by 1.4 percent, and profits per partner declined an alarming 8.3 percent.

However, global managing partner Sandy Thomas called the results “solid,” and told press that the layoffs were simply an “efficiency measure,” although he also referred to the slumping commodities market, noting that “we are not immune,” (as quoted in The American Lawyer).

Share it here
Related Posts
25 Nov Chicago and Midwest Law Firms Report Strongest Revenue Growth This Year, Survey Finds
Chicago and Midwest Law Firms Report Strongest ...

The American Lawyer reports on law firm financial performance for the first nine months of the year, concluding that for the fi...

READ MORE
24 Sep The American Lawyer Global 100 Highlights (2020)
The American Lawyer Global 100 Highlights (2020)

The American Lawyer released its annual Global 100 report, a ranking of the world’s 100 largest law firms by gross re...

READ MORE
15 Jun Developing a Law Firm Diversity and Inclusion Strategy
Developing a Law Firm Diversity and Inclusion S...

Given their benefits for the organization, law firms are increasingly focusing on diversity and inclusion. Diversity enhances law fi...

READ MORE