Turnover at the
Profits per equity partner (PEP) improved more modestly, growing by 4% from $2.50m (£1.27m) to $2.60m (£1.32m), with the number of partners at the firm having increased from 109 the previous year to 111.
Revenue per lawyer (RPL) increased by 3%, up from $1.04m (£529,000) to $1.07m (£545,000), with total lawyers at the
Paul Weiss chairman Alfred Youngwood attributed the increase in turnover to “a balance between the practices”, saying the firm’s litigation, transactional and bankruptcy teams had all performed well in 2007.
He added: “We have started out strong [in 2008]. It is hard to predict the next eleven months [but] our expectation is steady, moderate growth in size, revenue and profits.”
The 2007 numbers represented an increase on the more modest growth in 2006, when Paul Weiss’ turnover increased by 6% and PEP by a mere 1%. In 2005, however, the firm showed double-digit growth for both revenue and PEP, with the corporate group singled out as a strong performer.
