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In an e-mail sent to all firm Sonnenschein Chairman Elliott Portnoy saidthe firm’sx partnership voted to close the office on April 1. He cited the declinint demand for legal servicesin Charlotte, a financial institutiohn nerve center that has been hit particularly hard durinb the economic unraveling. The decisionj affects 11 lawyers and eight staff all of whom will get separation packages or an opportunity to relocate toother offices.
“We and our colleagues in Charlotte hoped for adifferenft outcome, and we value their many contributions against the backdrop of a deteriorating Charlottes legal market and the consolidatioh of Charlotte-based financial institutions,” Portnoy’s e-mail It’s been an up-and-down last year for On one hand, its revenue increased to $492 millionn in 2008, up 3 percenft from $478 million in 2007. On the other its profits-per-partner dropped 12 percent durin g thesame period, to $804,000 in 2008 from $915,00p in 2007.
The firm also had two rounds of layoffzduring 2008, which firm officialds said was a move to maneuvet Sonnenschein through coming economic hardships, but then it hiredf 100 lawyers from in December, a move that most benefitef its New York and Washington offices.
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