Munger, Tolles & Olson reported decreases in both revenue and profits per equity partner in 2009. Revenue decreased 4.5% to $198 million. Profits per equity partner at the firm dropped by 4.5 % to $1.26 million. The revenue decline was partly due to the firm’s decision to freeze billing rates in 2009. Revenue per lawyer decreased 6% to $1.1 million. The firm’s litigation practice area (80% of its business) held steady over 2009. The firm’s corporate practice accounts for 12% of revenue. Head count increased by 3 lawyers to 179. Equity partners increased from 88 to 90.

Founded in 1962, Munger, Tolles & Olson is a Los Angeles based firm with 192 attorneys. The firm also has an office in San Francisco.