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A partner in a law firm, accounting firm, consulting firm, or financial firm is a highly ranked position, traditionally indicating co-ownership of a partnership in which the partners were entitled to a share of the profits as "equity partners".
The Partner with overall responsibility for the management of a law firm is usually known as the Managing Partner. [3] It is also possible that a law practice manager will be a non-lawyer employee of a firm, under the supervision of the law firm's managing partner or director.
This is a list of global law firms ranked by profits per equity partner (PPEP) in 2021. [1] Firms marked with "(verein)" are structured as a Swiss association . These are estimates and equity partners can make vastly different salaries inside the same firm.
The general partnership, in which all partners manage the business and are personally liable for its debts, developed under common law. General partners have an obligation of strict liability to third parties injured by the Partnership. General partners may have joint liability or joint and several liability depending upon circumstances.
New York City's oldest law firm, [4] [5] Cadwalader, Wickersham & Taft is headquartered at 200 Liberty Street in Lower Manhattan. [1] The firm's managing partner, Patrick Quinn, oversaw approximately 400 attorneys as of 2022. [2] It operates out of five offices across the[United States and Europe.
Latham & Watkins LLP is an American multinational law firm.Founded in 1934 in Los Angeles, California, Latham is the second-largest law firm in the world by revenue. [1] As of 2022, Latham is also one of the most profitable law firms in the world, with profits per partner exceeding US$5.7 million.
Ropes & Gray LLP is an American multinational law firm with 14 offices located in the U.S., Asia and Europe. The firm has more than 1,500 lawyers and professionals worldwide; its clients include corporations, financial institutions, government agencies, universities, and health care organizations.
Fried Frank later hired Ashurst's former managing partner, Justin Spendlove. [8] As of the fiscal year ended February 2020, the firm had a gross revenue of $776 million, up from $684.8 million the year before. Revenue per lawyer rose 8.2 percent, to $1.442 million, while its profits per partner jumped 16 percent, to $3.79 million. [9]