The American Lawyer recently published results from its annual Am Law rankings, the Am Law 200 report, noting that for the first time in years the second hundred largest grossing law firms matched the growth of the top one hundred in nearly every key financial metric. Overall, the Second Hundred increased gross revenue on average by 5 percent, profit per equity partner grew 4.6 percent, revenue per lawyer increased 2.9 percent, and overall headcount rose 2.1 percent.
According to the report, twenty-one Am 200 law firms saw double-digit revenue growth and forty firms saw revenue increase by more than five percent. Within those numbers, there were pronounced differences among different groups in the Second Hundred, as firms ranked 151 through 200 nearly doubled the growth of those ranked 101 through 150, posting a 7.2% revenue increase on average, compared with 3.9% for the top half of the list, the report notes.
Among the Second Hundred firms, Burr & Forman had the largest increase in revenue, jumping 14 spots to No. 155, up 32% from last year. Two firms dropped from the Am Law 100 to the Second Hundred this year: Baker Donelson (101) and Williams & Connolly (102). Meanwhile, three firms joined the Am 200 law firms: Cole Scott & Kissane (163); Hanson Bridgett (192); and Pryor Cashman (178).
Additionally, twenty-five Am Law 200 law firms based or founded in the Midwest increased their revenue on average by 8% last year. Seven of them posted double-digit gains, far exceeding the average 5% growth the Am Law 200 and the 6% growth Chicago-based firms saw in 2018. Those seven firms were Barnes & Thornburg, Polsinelli, Ice Miller, Porter Wright, Robins Kaplan, Benesch, and Spencer Fane.
“Now, as this year’s Second Hundred stare down another major financial crisis, one that will likely be worse than the last, they can learn from the lessons of the past: focus on strong leadership; stay nimble; capitalize on their smaller size; stick with growth strategies; and diversify services when appropriate. Faced with a daunting future, it could mean the difference between success and failure,” (as quoted in The American Lawyer).
See more highlights from The Am Law 200 on The American Lawyer.
Contact Bill Sugarman, a legal recruiter, for more information.
The American Lawyer reports on law firm financial performance for the first nine months of the year, concluding that for the fi...
Managing partner of Akerman’s Chicago office, Scott Meyers, sat down with Crain’s to discuss the firm’s ...
The legal industry is hot right now, and interested job candidates need to plan ahead, mapping out a strategy for how to succeed. Ma...