With both M&A and capital markets work surging, and litigation holding steady, partners at many elite New York firms with traditional ties to the investment banks saw their compensation rise last year, at times dramatically. The performance of these New York firms contrasts with other Am Law 100 firms, which had more mixed financial results in 2010.
Six New York-based Wall Street firms in the $2 million-plus PPP club saw profitability soar last year. Paul Weiss Rifkind Wharton & Garrison, as Legal affiliate The American Lawyer reported in late February, saw PPP rise 15 percent to $3.05 million. “We had an extraordinary year across all of our primary practice areas,” firm Chairman Brad Karp said. As with the other firms in this report, the firm counts a number of major banks, including Citigroup, Deutsche Bank, JPMorgan Chase, and UBS, among its clients.
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