Mayer Brown reports flat revenues and partner profits for 2010
Mayer Brown posted flat revenues and profits last year, in one of the first indications of the 2010 US reporting season, writes The Am Law Daily. Gross revenue at the 1,650-lawyer firm was down for the second year in a row, dropping 1% to $1.107bn (£691m) in 2010 after falling almost 14% in 2009. Average profits per equity partner inched up by 1% to $1.07m (£668,000). The top 10 US law firm's profit margin remained static at 26%.
January 20, 2011 at 12:21 PM
2 minute read
Mayer Brown posted flat revenues and profits last year, in one of the first indications of the 2010 US reporting season, writes The Am Law Daily.
Gross revenue at the 1,650-lawyer firm was down for the second year in a row, dropping 1% to $1.107bn (£691m) in 2010 after falling almost 14% in 2009.
Average profits per equity partner inched up by 1% to $1.07m (£668,000). The top 10 US law firm's profit margin remained static at 26%.
Mayer Brown chairman Bert Krueger (pictured) described the results as "in line with our expectations".
He added: "Our approach in 2009 and 2010 has been to respond effectively to the challenges of the global recession and also invest for the long term by aggressively moving forward with initiatives that will position us to better serve the global needs of our clients and to strategically enhance our domestic practices."
The firm started the year by expanding its South American presence through an alliance with Brazilian practice Tauil & Chequer Advogados. The move significantly bolstered Mayer Brown's existing Sao Paulo arm, which launched in late 2007, and added an additional base in Rio de Janeiro. The firm's Paris office was another to receive investment, acquiring seven-lawyer litigation boutique Ayela Semerdjian & Associes in November 2009.
Mayer Brown's merger talks with Simmons & Simmons broke off in June. The firms issued a joint statement that said, "a combination between our firms is not the right option". At the time, sources at the City law firm suggested that the issue of integrating Mayer Brown's 340-lawyer London office was one of the factors that led to the proposed union collapsing.
Mayer Brown also launched a global derivatives practice in 2010 after New York capital markets partner Josh Cohn joined from Allen & Overy in February.
This report is part of The Am Law Daily's ongoing web coverage of 2010 financial results for top 200 US law firms. See The Am Law Daily for results as they come in.
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