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Around the Firms

By Teri Zucker
September 03, 2003

Am Law 100 Shows Growth Despite Down Economy. Average profits per equity partner rose 6.9% among the Am Law 100 firms in 2002, according to the latest list released on July 1. Gross revenue increased by 8.5% and revenue per lawyer grew by 4%. How did law firms increase revenues when the rest of corporate America is suffering through hard economic times? As it turns out, through careful management. The number of lawyers grew by half of the revenue increase ' 4.2%. And of the 15 firms that saw a drop in revenue per lawyer, nine showed increases in profits per equity partner. The slowdown also affected equity partners, but not non-equity ones: the number of equity partners grew just 2.8%, while non-equity partnerships grew by 13.4%. Also, somehow in a down econonmy, Am Law 100 firms were able to actually increase billing rates 3%-6% in 2002. More information on the 2002 Am Law 100 list can be found at http://www.americanlawyer.com/.

One More Cooley Partner Joins Morrison. William Veatch, formerly a finance partner and a 9-year veteran at Cooley Godward, has joined the San Francisco office of Morrison & Foerster. Veatch felt that through Morrison's New York and international locales, he would be able to extend his practice. He also stated that Cooley caused friction for him regarding several banking relationships. He is not the only one to resign from Cooley in 2003; at least seven Cooley partners have left to join other firms since January.

Cadwalader Faces Possible Changes, Including Relocation. Developers may do a residential conversion on the Financial District Building of Cadwalader, Wickersham & Taft, which has the unusual situation of owning its offices as opposed to leasing them. In mid-June, it was revealed not only that Cadwalader put the building on the market, but also that the firm, which comprises more than 500 attorneys and is exceeding its 325,000-square-foot home, would be relocated by the end of next year. Currently, Cadwalader resides in the downtown area of Manhattan, at 100 Maiden Lane, and has been there since 1984. However, Chairman Robert Link has stated that no assurances have been made. Link said the firm would entertain the idea of keeping the Manhattan space and developing satellite offices in Westchester County, NJ, or Stamford, CT.

New Year Brings New Chairman. It has been announced that next year, Harvey Freishtat, who founded the Boston office of Chicago-based McDermott, Will & Emery, will succeed Larry Gerber, the firm's chairman for 12 years. Freishtat's appointment will mark the first time the firm has had a chairman who is not in Chicago.

Another Top New York LLP Firm. Last month, it became effective: The top New York firm Shearman and Sterling, comprising 100 lawyers, is a limited liability partnership. The firm is the latest of its kind to take up this status, and therefore partners who are not involved in a claim directly will be shielded from personal debt. Shearman joins the company of Simpson Thacher & Bartlett; Sullivan & Cromwell; Paul, Weiss, Rifkind; Wharton & Garrison; and Cravath, Swaine & Moore.

Teri Zucker is a reporter for Law Firm Partnership & Benefits Report.

Am Law 100 Shows Growth Despite Down Economy. Average profits per equity partner rose 6.9% among the Am Law 100 firms in 2002, according to the latest list released on July 1. Gross revenue increased by 8.5% and revenue per lawyer grew by 4%. How did law firms increase revenues when the rest of corporate America is suffering through hard economic times? As it turns out, through careful management. The number of lawyers grew by half of the revenue increase ' 4.2%. And of the 15 firms that saw a drop in revenue per lawyer, nine showed increases in profits per equity partner. The slowdown also affected equity partners, but not non-equity ones: the number of equity partners grew just 2.8%, while non-equity partnerships grew by 13.4%. Also, somehow in a down econonmy, Am Law 100 firms were able to actually increase billing rates 3%-6% in 2002. More information on the 2002 Am Law 100 list can be found at http://www.americanlawyer.com/.

One More Cooley Partner Joins Morrison. William Veatch, formerly a finance partner and a 9-year veteran at Cooley Godward, has joined the San Francisco office of Morrison & Foerster. Veatch felt that through Morrison's New York and international locales, he would be able to extend his practice. He also stated that Cooley caused friction for him regarding several banking relationships. He is not the only one to resign from Cooley in 2003; at least seven Cooley partners have left to join other firms since January.

Cadwalader Faces Possible Changes, Including Relocation. Developers may do a residential conversion on the Financial District Building of Cadwalader, Wickersham & Taft, which has the unusual situation of owning its offices as opposed to leasing them. In mid-June, it was revealed not only that Cadwalader put the building on the market, but also that the firm, which comprises more than 500 attorneys and is exceeding its 325,000-square-foot home, would be relocated by the end of next year. Currently, Cadwalader resides in the downtown area of Manhattan, at 100 Maiden Lane, and has been there since 1984. However, Chairman Robert Link has stated that no assurances have been made. Link said the firm would entertain the idea of keeping the Manhattan space and developing satellite offices in Westchester County, NJ, or Stamford, CT.

New Year Brings New Chairman. It has been announced that next year, Harvey Freishtat, who founded the Boston office of Chicago-based McDermott, Will & Emery, will succeed Larry Gerber, the firm's chairman for 12 years. Freishtat's appointment will mark the first time the firm has had a chairman who is not in Chicago.

Another Top New York LLP Firm. Last month, it became effective: The top New York firm Shearman and Sterling, comprising 100 lawyers, is a limited liability partnership. The firm is the latest of its kind to take up this status, and therefore partners who are not involved in a claim directly will be shielded from personal debt. Shearman joins the company of Simpson Thacher & Bartlett; Sullivan & Cromwell; Paul, Weiss, Rifkind; Wharton & Garrison; and Cravath, Swaine & Moore.

Teri Zucker is a reporter for Law Firm Partnership & Benefits Report.

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