Wake Up Call: Cooley Partner Profits Sink by 20% Amid Layoffs

Welcome to Bloomberg Law’s Wake Up Call, a daily rundown of the top news for lawyers, law firms, and in-house counsel.

• Cooley LLP saw profits per equity partner plunge 19.5% to $3.27 million last year, while revenue ticked up 1%. The San Francisco-headquartered firm, which laid off 150 associates and staffers in November, grew its partnership by 3.5% and total headcount by 11.5% over the year. (American Lawyer)
• Washington-based Crowell & Moring’s revenue jumped 14% to $590.1 million, powered by litigation and regulation work. Its profits per equity partner swelled 8.7% to $1.33 million. (National Law Journal ...