“Companies dump big Wall Street law firms for smaller, cheaper outfits.”
UPDATE: Additional thoughts on this topic here.
About the author
Eric A. Welter is an employment lawyer and litigator with the Welter Law Firm, P.C. in Herndon, Virginia. He is licensed to practice law in Virginia, Maryland, Washington D.C., Texas and California.
The Welter Law Firm represents and advises employers on all aspects of the employment relationship and represents businesses in commercial and franchise litigation. The firm’s offices are located in Northern Virginia; Los Angeles, California; and Austin, Texas.
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Annually there is a survey and reporting of law firm “Profits per Partner.” For 2008 it appears as if AmLaw 100 partners had PPP in the range of $1-2 million. Does that mean than on average a partner at such a firm was paid $1-2 million? Is the PPP calculation really revenues less all expenses other than partner compensation? Are there any other charges or expenses that reduce the PPP — debt service, depreciation? Or is it as simple as all of the PPP is available to pay to partners?