Dewey PEP up 14% ahead of Orrick merger vote
By James Illman
October 17, 2006 at 08:03 PM
2 minute read
Dewey Ballantine has seen a 14% rise in profits per equity partner (PEP) as the New York firm gears up to vote on its proposed merger with Orrick Herrington & Sutcliffe.
Dewey today (18 October) unveiled the results for its last financial year – which ended on 30 September – with PEP reaching $1.4m (£751,000), up from $1.23m (£660,000) in 2005.
The improvement in partner profits comes despite a modest gain in fee income, which edged up by 4% to hit a new mark of $408.2m (£218.8m) from the previous year's figure of $392.5m (£210.4m).
The results, which come as the US legal elite benefits from a boom in big-ticket M&A work, will be closely watched ahead of Dewey's proposed merger with Orrick, which is expected to be put to a partner vote by the end of the year. If approved, the merger would create a global giant with almost 1,500 lawyers and revenues approaching $1bn (£535m).
Orrick last year saw PEP hit $1.24m (£670,000) with turnover at the West Coast giant climbing to a figure of $554m (£298m).
Dewey chairman Morton Pierce said: "The last financial year has been good to us – great work for old clients, ground-breaking work for new clients and a solid financial performance. We are looking to continue in this vein in 2006-07."
This content has been archived.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
NOT FOR REPRINT
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
You Might Like
View AllSkadden to Close in Shanghai and Make Cuts to China Corporate Practice
DWF Group's Canadian Firm Set to Add Fourth Office With 16-Lawyer Montreal Team
UK Law Firms Face £75M Money Laundering Investigations Alongside Russia Scrutiny
3 minute readTrending Stories
- 1The Law Firm Disrupted: Playing the Talent Game to Win
- 2A&O Shearman Adopts 3-Level Lockstep Pay Model Amid Shift to All-Equity Partnership
- 3Preparing Your Law Firm for 2025: Smart Ways to Embrace AI & Other Technologies
- 4BD Settles Thousands of Bard Hernia Mesh Lawsuits
- 5A RICO Surge Is Underway: Here's How the Allstate Push Might Play Out
Featured Firms
Law Offices of Gary Martin Hays & Associates, P.C.
(470) 294-1674
Law Offices of Mark E. Salomone
(857) 444-6468
Smith & Hassler
(713) 739-1250