A tanking economy and frozen credit markets struck a double blow to Bay Area-based Am Law 100 firms in 2008, causing slower revenue growth and a drop in profits, according to The Recorder, a sibling publication of The Am Law Daily.
A declining demand for legal services and rising costs–including associate salary increases and expansion outlays–dragged down profits. Orrick, Herrington & Sutcliffe posted the biggest decline in profits per equity partner (PPP) at 21 percent, to $1.315 million. It was the first year in Ralph Baxter’s 18-year reign as chairman that Orrick’s profits fell, reports the Recorder.
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