Yes Jenner deequitized, but in doing so seems to have pumped up to some pretty good numbers. True, they are skewed by the Lehman and GM matters. Does anyone know anything else about them?http://amlawdaily.typepad.com/amlawdaily/2011/03/jenner.html
March 8, 2011 11:34 AM
The Am Law 100: Jenner Profits Per Partner Jump 29 PercentPosted by Susan Beck
In a year where its gross revenue increased just 3 percent, Jenner & Block still managed to boost 2010 profits-per-equity partner by 29 percent, to $1.4 million, setting a record for the firm. The Chicago-based firm accomplished this, in part, by reducing the number of equity partners, from 132 to 117 (an 11 percent drop). The firm also cut expenses by nearly $10 million.
(Editor's note: Following a change in our methodology for the 2011 Am Law 200, the firm's 2009 numbers have been recalculated to reflect a full-year head count. All year-on-year percentage changes are based on those recalculated numbers.)
"We had a very good year last year," said Jenner's managing partner, Susan Levy, in a conversation with The Am Law Daily. "We were busy in all our offices, and we had several high-profile matters, including the Lehman examiner's report," she said. (The firm earned $58 million for its highly praised investigation and report.) Jenner was also counsel to General Motors in its initial public offering. The firm's gross revenue in 2010 rose to $379 million, and revenue per lawyer increased 2 percent to $865,000.
"We were very, very focused on managing costs," said Levy, who said the firm came in under budget on costs in nearly every category. Levy, however, declined to provide specifics.
When asked if the firm deequitized any partners, Levy said the firm "didn't do anything out of the normal course." The firm's lateral partner ranks rose from 60 to 72. Levy said the firm has been doing a lot of lateral hiring, and those partners typically join as nonequity partners, as do associates who have just made partner.