Gross revenue at Charlotte-based Moore & Van Allen edged up 1.5 percent to $164.5 million. But the addition of 25 new lawyers–including five partners joining the equity ranks–meant revenue per lawyer and profits per equity partner took significant hits. Revenue per lawyer fell by 7.5 percent to $575,000 and profits per equity partner dropped 14.5 percent to $805,000.
Firm chair Ernie Reigel says Moore & Van Allen’s finance and mergers and acquisitions practices have been hit hard by the economic downturn. “We’ve got a strong financial practice that was impacted in 2008 by the lack of health of the banks. That’s likely to have more impact in 2009. All you have to do is watch CNBC to [see] that,” Reigel says.
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