It’s been just over a year since Shook, Hardy & Bacon dropped Lorillard as a client in order to continue representing rival tobacco maker Philip Morris. And though the firm insists the departure of 17 attorneys who handled Lorillard work to Hughes Hubbard & Reed went smoothly, the firm’s finances took a significant hit in the process.
In the wake of losing Lorillard as a client, Kansas City, Missouri–based Shook Hardy saw its gross revenues fall 7.2 percent in 2012, to $317 million, and its profits per equity partner plunge nearly 16 percent, to $900,000, according to The American Lawyer’s reporting. Thanks to a 34-lawyer reduction in overall head count, revenue per lawyer remained stable at $725,000.
