Academic

Even The Elites Are...Suffering? Cravath Profits Slide

By Dan Filler

It looks like partners at Cravath will have to cut back a bit this year.  The paint job on the Amagansett house is going to have to wait.  This from the Wall Street Journal Law Blog:

According to AmLaw, Cravath ? arguably the most gilded law-firm name in the country ? saw its 2008 gross revenue fall 13 percent, while profits per partner tumbled 24 percent.

Last year?s revenue was $532.5 million, compared to $610 million in 2007. Last year?s profits-per-partner were $2.5 million, compared to $3.3 million in 2007, a figure that was second only to that posted by New York?s Wachtell, Lipton, Rosen & Katz.

Full post as published by The Faculty Lounge on February 20, 2009 (boomark / email).