PEP dropped to $1.01m (£516,000) in 2007 – a fall of 17.5% from last year’s figure of $1.22m (£623,000).
Revenue, meanwhile, grew by a modest 4% over the 12-month period, inching up from $457.1m (£233.3m) last year to a new mark of $475.2m (£242.6m). Revenue per lawyer came in at was at $753,000 (£382,500).
Howrey – which has hired a number of partners in Europe over the last 12 months and made its Spanish debut at the start of the year after taking over local boutique Martinez Lage & Asociados – becomes just the second major
Chairman Robert Ruyak said the firm had performed well against its targeted budget for the year, commenting: “Some law firms borrow money to invest [but] that is not how we work. Every time we invest, PEP is down but we have to invest to grow. Thus you will see our results go up and down.”
Earlier this month
News of Howrey’s performance comes on the same day that Dorsey & Whitney unveiled record financial growth for 2007, with PEP improving by almost a third (30%) to $672,000 (£343,000), as revenue improved by 11%.
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