Legal News

Revenues, profits per partner drop at O'Melveny & Myers

By Richard Binder

O'Melveny & Myers reported a small decline in revenues and a more substantial drop in profits per partner as the firm grappled with the impact of the economic downturn. The Los Angeles-based firm reported this morning that profits per partner were down more than 7 percent to $1.5 million. Gross revenues for 2008 were $908 million, an almost 3 percent drop from the prior year.

The firm released the following statement about the year: "Our financial results for the fiscal year ended Jan. 31, 2009 were affected by the economic downturn; however, our firm's diverse practice helped to mitigate the impact. We have good geographic diversity, including a market-leading Asia practice, and a broad range of practice areas.Our strong litigation practice tends to be a good buffer during slow economic times. We appreciate our clients' confidence in O'Melveny & Myers and look forward to continuing to serve their needs in the face of a tough economy."

Read details at Am Law Daily.

Full post as published by Legal Pad | LA on February 12, 2009 (boomark / email).