Legal Industry News
March 1, 2010
Howrey, Holland & Knight Both Report Financial Drops
Two big national law firms experienced significant financial declines in 2009. Howrey’s gross revenue dropped by 16.3%—from $573.2 million to $480 million. Revenue per lawyer declined 19.2% to $702,782. Profits per partner decreased by a whopping 34.9%, from $1.299 million to $846,053, while net compensation to equity partners sank 28.3%, to $128.6 million. Howrey reports drops in demand for its IP litigation and antitrust practices, and says that client payments were slower to come in during 2009. The firm responded to the declines by cutting department budgets, cutting bonuses, and laying off employees.
Holland & Knight also experienced financial declines, but…
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