More Big Numbers – Paul, Weiss Profits from Finance Industry Litigation and a $ 97 Million Con
Paul, Weiss announced record profits, and litigation industry success is a key part of the story. Indeed, the firm’s chair is a litigator. Here’s a key quote from David Bario’s AmLaw article:
"We were very fortunate in 2011 to have the highest revenues and profits in our firm’s history, driven by record litigation and transactional activity" says chairman Brad Karp. But Karp says the raw numbers tell only part of the story of the firm’s success last year. In 2010, Paul Weiss earned a whopping $97 million contingency fee stemming from an Alaska pension agency’s $500 million negligence settlement with a Marsh & McClennan unit. Subtracting that unusual element from the 2010 results, Karp says, would give Paul Weiss an eye-popping 19 percent jump in gross revenue for 2011."
"The firm prevailed in five major jury trials and arbitrations for key clients, including its victory for Citigroup in a $7.5 billion arbitration brought by the Abu Dhabi Investment Authority." "We are fortunate to be counsel of choice to some of the world’s leading financial institutions in their most challenging litigations and regulatory matters," Karp says.