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In March of this year Morgan Lewis laid off 55 associates and 161 legal staff. Around the same time Bingham McCutchen laid off only 16 associates and and 23 legal staff. Last year Morgan Lewis had annual revenues of $1.12 billion which is an 8.47% increase over 2007. Bingham’s annual revenues for the same time period were only $767 million amounting to a mere 3.2% increase over 2007. Profits per partner at Morgan Lewis were up one and a half percent in 2008 to $1.45 million. Profits per partner last year at Bingham made a significantly higher jump of 6.4% to $1.42 million. All in all it appears that both firms are doing okay. So why did 5 partners and 6 associates from Bingham leave and join Morgan Lewis? What does Morgan Lewis have that Bingham doesn’t?

Despite what you may read on law firm websites, the recession is wreaking financial havoc on all biglaw firms with substantial financial, capital markets and corporate practices. However, if layoffs are any indicator of financial strength, neither of these firms seems to be hurting worse than the other. Still Morgan Lewis must have offered something and Bingham must have been lacking something to cause 5 partners and 6 associates to jump ship.

The partners leaving Bingham and joining Morgan Lewis are:

1. Robert A. J. Barry
2. Jonathan K. Bernstein
3. Sula R. Fiszman
4. Matthew F. Furlong

The associates aimlessly following their fearless leaders are:

1. Anastasia J. Caviris
2. Kate Haskell
3. Kevin T. Jarboe
4. Victoria A. Labriola
5. Marc R. Leduc
6. Mark D. Silva

Does this mean Bingham is hurting?  Maybe losing some extra partners and associates helps lighten the financial load for Bingham.  Regardless, it is quite entertaining the hear the spokesperson for Bingham state that “Bingham is stronger than ever, and the finance and banking practice in our Boston office and firmwide will continue to prosper and play an important role for our local, national and international clients” even though they just lost a significant number of important finance partners and crew.