The decline in revenue means equity partners will see a 12.8 cut in pay, down from $1.7 million to $1.5 million. The firm has also experienced a raft of partner departures and staff layoffs. The situation has led Bingham chairman Jay Zimmerman to describe it as the ‘most challenging financial year’. He told Reuters Legal that the 12.8 per cent drop in revenue was because of changing conditions in the marketplace following the financial crisis. A number of large cases had settled which impacted revenues such as claims over the BP Drinkwater Horizen spill and banking litigation. The firm’s revenue was $762 million compared to $872 million in 2012.   Source: Abovethelaw.com