Dickstein Shapiro creates million dollar partners

Washington-based law and lobby firm Dickstein Shapiro is going against the trend of law firms merging. It is restructuring as a smaller business and changing its billing methods. This includes creating 'hybrid' lawyer-staff positions allowing the firm to charge lower rates for certain types of work. According to the Washington Post, the law firm has seen revenue decrease by seven per cent last year to $192 million whilst seeing profits per equity partner leap by 30 per cent to $1 million. It has cut its lawyers from 250 to 200. The firm is aiming to become a more focused, specialised business rather than a full-service corporate firm. Source: Washington Post