In one of the sharpest drops in revenue and profitability among leading US firms, Cravath Swaine & Moore has seen 2008 revenues fall by 13%, while profits tumbled by 24% to $2.5m (£1.75m), reports the Am Law Daily.
The firm signalled last November that 2008 had been a tough year, when it announced in an internal memo that it was cutting associate bonuses, and that the firm would not do as well as in 2006 and 2007. In 2007, Cravath’s profits per partner stood at $3.3m (£2.3m), second only to Wachtell Lipton Rosen & Katz. In 2006, profits stood at was $3m (£2.1m).
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