On a darker note….. Our friends across the pond are preparing their partners for sinking revenues as they take stock of their financial progress at the half-year stage.

With US firms having their best year ever in 2007, the top 50 firms generating a collective revenue of $46.8bn (£23.4bn).

However now, With the sky falling in on over zealous mortgage folk, and the ever present end of the economic world predictions, 2008 seems a lot tougher. 

 

 

Skadden Arps Slate Meagher & Flom managing partner Bob Sheehan warning the partnership in January to expect a 10-20 per cent decrease in full-year finances.

The picture is similar at other firms. A Latham & Watkins source projected a dip in income for the first half of 2008, while Sullivan & Cromwell is preparing itself for a 5 per cent drop in turnover at the year-end.

Shearman & Sterling London managing partner Anthony Ward said the firm’s revenue would be flat at the half-year stage, while Cleary Gottlieb Steen & Hamilton and Weil Gotshal & Manges are anticipating growths of 3 and 5 per cent respectively.

Better cancel the yachts and holiday home plans.  

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