Cadwalader Wickersham & Taft's gross annual revenue has slipped 6 percent in 2010 despite profit per partner (PPP) being slightly up compared to prior year.
In 2010, Cadwalader's revenue went down 6 percent to $429.5 million compared to prior year and 27 percent since 2007 when it generated $587 million, the Am Law Daily has reported.
However, PPP was slightly up compared to previous year, at a healthy $2.39 million.
Cadwalader chairman Christopher White said the firm's financial performance was in line with expectations and its PPP rose because it prudently managing costs.
The firm was engaged in aggressive layoffs in the past few years - in 2008, it let go of 131 lawyers and in 2009, the headcount of its equity partners plunged 21 percent.
Like Cadwalader, Dechert also witnessed a drop in revenue (down 9 percent year-on-year) but its PPP rose 2.6 percent, breaching the $2 million mark, to $2.01 million.
Akin Gump Strauss Hauer & Feld had a field day, however, with its revenue climbing 2.5 percent and PPP surging more than 10 percent. The firm attributed its improved bottomline to increased efficiencies.