Kaye Scholer saw gross revenue dip 3.4 percent last year to $420 million, while the firm’s profits per equity partner slipped 6.4 percent to roughly $1.4 million and revenue per lawyer dropped 4 percent to $985,000, according to The American Lawyer’s reporting. Changes in lawyer and equity partner head count were minimal.
In a telephone interview with The Am Law Daily Tuesday, newly installed managing partner Michael Solow said that though the numbers are down from 2010, they are in line with the firm’s budget targets for revenues and profits per partner-in part because of a strong first half. The second half of the year, he said, was “probably slower than we anticipated” as a result of a slowdown in the financial markets, especially in Europe. He noted that the firm added seven lateral equity partners during 2011 to fill practice gaps or replace holes left by retiring partners. Solow said the firm also laid the groundwork for the future by making “investments” in marketing infrastructure and adding staff to its financial team.
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