Foley & Lardner reports that in 2009 gross revenue declined 8.8 percent to $667 million, and average compensation for all partners fell 7.9 percent to $586,000. “We’re glad 2009 is behind us,” says firm chairman Ralf-Reinhard Boer. “It was a tough year for the industry and a tough year for us. Things are perking up pretty much.”
The pay of partners in the highest tier fell from 18 times to 11 times the pay of partners at the bottom. Boer says at least the top 15 partners voluntarily took a disproportionate hit.
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