After losing nearly a sixth of its attorneys last year, Irell & Manella saw its gross revenue plunge 19.2 percent, to $200 million, and its net income drop 23.3 percent, to $125 million, in 2015. Profits per partner at the Los Angeles-based firm also fell 11.6 percent, to $3.2 million.
“I wouldn’t call them low numbers,” says Irell & Manella managing partner Andrei Iancu, noting that the firm’s revenue per lawyer hit a new high of $1.59 million—a 2.3 percent bump from 2014. “But there is no question the gross revenues are down. We are a smaller firm with fewer people, and that is the principal driver of the lower gross revenue.”
