A steep reduction in its equity partner ranks allowed Squire Sanders to overcome a major drop in net income to maintain average partner profits in 2012, according to The American Lawyer‘s reporting.
Despite posting a 4.5 percent increase in gross revenue to reach a record $774.5 million, the firm saw more than $26 million wiped off its bottom line after net income crashed by 20 percent, to $105.5 million. The sharp decline in net income was mirrored by a 20 percent reduction in the firm’s equity partner head count, which slid from 165 to 132. As a result, profits per partner remained static at exactly $800,000.
