Reed Smith Sees Profits Rise as Revenue Dips
Reed Smith reached the $1 million profits per equity partner mark in 2009 with a 7 percent increase. Although revenues could have reached the $1 billion milestone with a mild rise, they instead dipped by 3.8 percent, to $942 million. Reed Smith managed the feat of raising profits on falling revenue by squeezing the traditional pyramid structure: While the equity partnership grew by 4 percent, the firm shrank the ranks of non-equity lawyers by nearly 6 percent, and staff by about 4 percent.
