A steep reduction in its equity partner ranks allowed Squire Sanders to overcome a major drop in net income to maintain average partner profits in 2012, according to The American Lawyer‘s reporting.
Despite posting a 4.5 percent increase in gross revenue to reach a record $774.5 million, the firm saw more than $26 million wiped off its bottom line after net income crashed by 20 percent, to $105.5 million. The sharp decline in net income was mirrored by a 20 percent reduction in the firm’s equity partner head count, which slid from 165 to 132. As a result, profits per partner remained static at exactly $800,000.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]
