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2006 PPP: Wachtell @ 4M, Cravath @ 3M, S&C @ 2.8M, ...
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Date: March 22nd, 2007 6:45 AM Author: Hairraiser misunderstood theatre ceo Subject: 2006 PPP Poor Skadden is like the little engine that could topping $2M for the first time. Sad really.
http://www.legalweek.com/Articles/1017935/MA+boom+drives+Wall+St+elite+to+3m+partner+profits.html
Average partner profits of $3m (£1.5m) have become the benchmark for top US firms, Legal Week can reveal, after a record year for M&A helped a handful of New York firms maintain their lead in the profession’s global profits race.
Manhattan M&A powerhouse Wachtell Lipton Rosen & Katz is top of the list with 2006 profits per equity partner (PEP) just below $4m (£2m), while Cravath Swaine & Moore’s PEP rose 13% to hit $3m (£1.5m).
Sullivan & Cromwell achieved a PEP figure of $2.8m (£1.4m), level with Cadwalader Wickersham & Taft. Skadden Arps Slate Meagher & Flom, America’s largest law firm, broke the $2m (£1m) PEP barrier after a 16% rise.
The results, the first snapshot of the top US firms’ 2006 financial performance, mean at least four New York firms have average partner profits approaching or in excess of $3m, maintaining their lead over London rivals.
Currently only Slaughter and May and Linklaters have PEP higher than $2m (£1m), though many UK firms are currently predicting substantial profits growth when they finalise their 2006-07 results.
Another New York firm to post above-trend results is Fried Frank Harris Shriver & Jacobson, which unveiled partner profits of $1.53m (£787,000), a 23% rise on 2005, and revenues of $470.5m (£242m).
US partners point to a record year for M&A in America as the main driver for growth, with a clutch of big-ticket private equity deals dominating the market.
However, while top-tier M&A firms were able to cash in on a limited number of private equity club deals, deal volume was only marginally up on 2005, which meant many firms outside the top bracket were unable to keep pace. A dip in litigation work is also widely regarded to have hit the bottom line of a number of US firms.
Debevoise & Plimpton co-chair of litigation John Kiernan commented: “While there are pockets of intense activity, some firms have had to adjust to the winding down of the Enron and Spitzer-related work.”
Many Manhattan-based firms were also hit by associate salary rises, which one firm estimates lowered its PEP by 5%.
Despite these trends, UK firms’ New York practices have also enjoyed a year of growth.
Freshfields Bruckhaus Deringer’s US operation is expected to record a revenue increase of around 50%, with a revenue per lawyer figure comparable to top-tier Manhattan firms, while Clifford Chance will see a 20% jump in turnover following a year that has seen the firm secure a number of substantial US M&A mandates.
Linklaters managing partner Tony Angel commented: “In 2006, world markets were strong, so it is not a surprise the US firms have posted robust results.”
He added: “We are rapidly approaching a situation where our competitors are the other leading global firms — it has become largely irrelevant where they are headquartered. But after substantial investment over the last few years in their global networks, the four internationally-minded magic circle firms are performing very well.”
Related Articles Latham is latest LA firm with strong '06 figures West Coast trio unveil mixed results for 2006 US firms post robust results as M&A powers market About UsContact UsTerms & ConditionsPrivacy PolicyAdvertise
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Date: March 22nd, 2007 7:49 AM Author: Ruddy Ungodly Lay Thanks, I'll update my list: http://www.xoxohth.com/thread.php?thread_id=563047&mc=106&forum_id=2 (http://www.autoadmit.com/thread.php?thread_id=599706&forum_id=2#7795595) |
Date: March 22nd, 2007 8:18 AM Author: Fiercely-loyal Olive Turdskin *licks chops* (http://www.autoadmit.com/thread.php?thread_id=599706&forum_id=2#7795622) |
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Date: March 22nd, 2007 9:15 AM Author: Zombie-like electric gas station philosopher-king like you'll make equity partner (http://www.autoadmit.com/thread.php?thread_id=599706&forum_id=2#7795682) |
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Date: March 22nd, 2007 10:02 AM Author: Vengeful brethren state better chance than you do of making md anywhere. (http://www.autoadmit.com/thread.php?thread_id=599706&forum_id=2#7795813) |
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Date: March 22nd, 2007 12:20 PM Author: insane ocher base becky incorrect (http://www.autoadmit.com/thread.php?thread_id=599706&forum_id=2#7796330) |
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Date: March 22nd, 2007 12:30 PM Author: Fiercely-loyal Olive Turdskin bwahahahahahahahahahahaha....*pause for breath*....ahahahahaha hahahaahahahahahaha
You sad, deluded fuck. Your "life" is the epitome of the modern upper-middle class tragedy. You're a joke. |
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Date: March 22nd, 2007 12:33 PM Author: insane ocher base becky have you gotten into law school yet? (http://www.autoadmit.com/thread.php?thread_id=599706&forum_id=2#7796411) |
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Date: March 22nd, 2007 12:35 PM Author: Fiercely-loyal Olive Turdskin No.
Is that your comeback? You won't make MD with that deficiency in wit. Or are you shooting for CEO now?
Fucking douche.
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Date: March 22nd, 2007 12:36 PM Author: insane ocher base becky ok, you've got a long way to go then (http://www.autoadmit.com/thread.php?thread_id=599706&forum_id=2#7796433) |
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Date: March 22nd, 2007 12:40 PM Author: Fiercely-loyal Olive Turdskin And while I acknowledge that the likelihood of my achieving partner is slim, you continue to delude yourself into thinking you'll be making MD. Enjoy a second round of burnout. Maybe you can come back and post about how much consultants make everytime there's a thread about biglaw salaries.
Get a fucking life. |
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Date: March 22nd, 2007 12:42 PM Author: Tan elastic band sweet tailpipe Although you are wrong about so many things, you could be correct about this. Morgan Stanley makes 200 people MDs each year (based on an ad I saw in the WSJ a few months ago--although I am not sure how often these ads come out; I am assuming once per year).
At the top 50 law firms, of the 3000 or so who become associates, only 300 will eventually make partner. I am not sure how many people start out as associates at Morgan Stanley, but if it is less than 2000, then it is actually easier to make MD at Morgan Stanley (assuming you start there), then it is to make partner at a top 50 firm. Of course, only a very small percentage of HSW MBAs will start out as associates at these firms--about 15% based on stats on the wharton site.
It's possible that banks weed out a lot of people before they even get into a bulge bracket bank and law firms weed out during the first five years of practice. This actually makes sense since someone who is an associate at a ibank will be in their late 20s and has already been weeded out several times through analyst programs, MBA admissions, and ibanking recruiting. An associate at a top 50 firm is only weeded out once (law school admissions) since just about anyone at a top 10 law school will get a job in biglaw. Maybe it is better to compare an associate at an ibank with a mid level assoicate at a law firm, since about 1/2 of 5th year top 50 associates will make partner at a top 50 firm (since attrition is about 80% by the 5th year). |
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Date: March 22nd, 2007 1:05 PM Author: bistre boyish meetinghouse pervert Are those 200 I-banking MDs, or 200 total, including private banking and other divisions where they'd make a fraction of top law partners? (http://www.autoadmit.com/thread.php?thread_id=599706&forum_id=2#7796584) |
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Date: March 22nd, 2007 1:25 PM Author: Tan elastic band sweet tailpipe I can't be sure, but I think it was more general, so it would include other divisions. (http://www.autoadmit.com/thread.php?thread_id=599706&forum_id=2#7796717) |
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Date: March 22nd, 2007 1:50 PM Author: Vengeful brethren state also there are hr md's and it md's. these guys are lucky to make $200k. (http://www.autoadmit.com/thread.php?thread_id=599706&forum_id=2#7796873) |
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Date: March 22nd, 2007 12:27 PM Author: Fiercely-loyal Olive Turdskin Meh, we'll see.
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Date: March 22nd, 2007 9:15 AM Author: Zombie-like electric gas station philosopher-king in other news, blackstone's ceo is worth $10 billion. (http://www.autoadmit.com/thread.php?thread_id=599706&forum_id=2#7795678) |
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Date: March 22nd, 2007 10:14 AM Author: onyx impressive friendly grandma church Tell me, how many Blackstone CEOs are there again? (http://www.autoadmit.com/thread.php?thread_id=599706&forum_id=2#7795834) |
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Date: March 22nd, 2007 10:39 AM Author: Burgundy big rigor principal's office everyone who graduates with a UCLA MBA is a blackstone ceo!!!111 (http://www.autoadmit.com/thread.php?thread_id=599706&forum_id=2#7795919) |
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Date: March 22nd, 2007 10:40 AM Author: onyx impressive friendly grandma church Fuck, why didn't I do that? (http://www.autoadmit.com/thread.php?thread_id=599706&forum_id=2#7795920) |
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Date: March 22nd, 2007 10:46 AM Author: Burgundy big rigor principal's office lolz cause you're going to law school lolz (http://www.autoadmit.com/thread.php?thread_id=599706&forum_id=2#7795946) |
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Date: March 22nd, 2007 12:19 PM Author: insane ocher base becky it's probably your 580 gmat (http://www.autoadmit.com/thread.php?thread_id=599706&forum_id=2#7796328) |
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Date: March 22nd, 2007 12:21 PM Author: onyx impressive friendly grandma church You're right, a 780 is both necessary and sufficient to become CEO of Blackstone. (http://www.autoadmit.com/thread.php?thread_id=599706&forum_id=2#7796342) |
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Date: March 22nd, 2007 12:22 PM Author: insane ocher base becky no, but 580 will keep you out of ucla (http://www.autoadmit.com/thread.php?thread_id=599706&forum_id=2#7796350) |
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Date: March 22nd, 2007 12:23 PM Author: onyx impressive friendly grandma church I hope you know that both posts you were responding to were jokes. (http://www.autoadmit.com/thread.php?thread_id=599706&forum_id=2#7796359) |
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Date: March 22nd, 2007 12:25 PM Author: insane ocher base becky i hope you know ucla mba >>> hls jd (http://www.autoadmit.com/thread.php?thread_id=599706&forum_id=2#7796365) |
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Date: March 22nd, 2007 12:25 PM Author: onyx impressive friendly grandma church ty, I lol'd. (http://www.autoadmit.com/thread.php?thread_id=599706&forum_id=2#7796369) |
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Date: March 22nd, 2007 10:37 AM Author: Stimulating heaven Why is this article saying WLRK's profits went up by 10%? They were at $3.89 million last year; $3.9 million this year means profits were basically flat. What am I missing? (http://www.autoadmit.com/thread.php?thread_id=599706&forum_id=2#7795910) |
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Date: March 22nd, 2007 10:38 AM Author: Ruddy Ungodly Lay Where does it say they went up 10%?
EDIT: Oops, missed the chart. |
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Date: March 22nd, 2007 11:54 AM Author: Light aphrodisiac karate Because if there are more partners this year, their profits could rise while PPP could remain flat? (http://www.autoadmit.com/thread.php?thread_id=599706&forum_id=2#7796221) |
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Date: March 22nd, 2007 11:58 AM Author: Ruddy Ungodly Lay It should be increase in PPP though -- that's how the figure is given in the other situations. (http://www.autoadmit.com/thread.php?thread_id=599706&forum_id=2#7796239) |
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Date: March 22nd, 2007 12:00 PM Author: Light aphrodisiac karate Yeah. I hadn't looked at the artile/chart. Beats me then. (http://www.autoadmit.com/thread.php?thread_id=599706&forum_id=2#7796248) |
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Date: March 22nd, 2007 10:38 AM Author: silver curious menage Simpson T? (http://www.autoadmit.com/thread.php?thread_id=599706&forum_id=2#7795914) |
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Date: March 22nd, 2007 11:08 AM Author: Maize Wonderful Death Wish Eddie Lampert and Boone Pickens both made over $1 billion last year. (http://www.autoadmit.com/thread.php?thread_id=599706&forum_id=2#7796022) |
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Date: March 22nd, 2007 12:05 PM Author: cracking buff place of business juggernaut I'd settle for making $500 million if I could have the name T. Boone Pickens. (http://www.autoadmit.com/thread.php?thread_id=599706&forum_id=2#7796275) |
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Date: March 25th, 2007 12:46 AM Author: rough-skinned selfie temple Subject: Senior Partner leaves Paul Weiss for WLRK http://www.nytimes.com/2007/03/23/business/23churn.html
Co-Chair of executive compen$ation and employee benefit$ make$ the $witch. He just got a rai$e for $ure. |