Carlton Fields, In The News!

"There is no such thing as bad publicity," said Phineas T. Barnum, the 19th century American showman and circus owner.

I am not sure Gary L. Sasso would agree.

Under the DBR's glaring headline "Carlton Fields Reports Decline in Revenue and Income," this:
Carlton Fields Jorden Burt saw its gross revenue and lawyer head count fall significantly in 2016, and its net income dropped by nearly 20 percent. Its profit per equity partner also declined by 16 percent compared to 2015, totaling $700,000. The firm's 2016 net income of $52.5 million was a drop of $13 million... the $130,000 drop in profits per equity partner to $700,000 in 2016 was a sharp 16 percent decline. Total employment compensation dropped as well: The partner compensation spread was about 8 to 1. The dip meant gross revenue contracted to $197 million in 2016, a fall of $26 million, or 11.7 percent from 2015. In all, the firm shrank its lawyer headcount to 320 from 353 a year earlier.
In response, Sasso said:
There is scarcely anything that drags a person down like debt.

True economy consists in always making the income exceed the out-go. Wear the old clothes a little longer if necessary; dispense with the new pair of gloves; mend the old dress: live on plainer food if need be; so that, under all circumstances, unless some unforeseen accident occurs, there will be a margin in favor of the income.

Every man should make his son or daughter learn some useful trade or profession, so that in these days of changing fortunes of being rich today and poor tomorrow they may have something tangible to fall back upon. This provision might save many persons from misery, who by some unexpected turn of fortune have lost all their means.

Clowns are the pegs on which the circus is hung.
Ah crap. I didn't realize I was on Phineas T. Barnum's wiki quote page until that last one.  Step right up!  Let's try again.

Gary T. Sasso said:
It was a transition year...We were heavily involved in helping the financial sector get through the [financial] crisis, and we were able to wrap up a number of class actions and other litigation...He said economic uncertainty in 2016 related to the U.S. election also meant some clients chose to hold off, at least temporarily, on acquisitions that had been in the works...The firm is renegotiating its office leases to recapture some expenses...We cut expenses quite a bit last year. It will put us in a good standing in the future...Some of that was headcount adjustment. Some of it was real estate...
Who said you can't put lipstick on a pig?! 



N.B.: Did you know that Ringling Brothers and Barnum & Bailey Circus is closing after 100 years in operation!  It's hard to believe anything that's been in existence for 100 years can fail, but I guess nothing lasts forever.

 

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