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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.

Woman using her laptop with a cup of coffee on her desk

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).

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William Sugarman

William Sugarman is the president and founder of Astor Professional Search. He engages in the successful placement of attorneys with local, regional, and international law firms and corporations. Bill’s extensive legal and business development experience give Astor an edge over other legal recruiters nationwide. At the cornerstone of Bill’s strategic philosophy is providing the highest level of personalized attention to his clients and attorney candidates. This is also a key factor that separates Astor from other legal search firms, and it consistently delivers legal placements year after year.

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