The Am Law 100 2010
The American Lawyer
May 01, 2010
It could have been worse. That's the best that can be said for the performance last year of The Am Law 100, the top-grossing law firms in the nation. Three of the four key categories we've measured for 25 years--gross revenue, head count, and revenue per lawyer--fell, while profits per equity partner (PPP) barely increased by 0.3 percent, or $3,463, to $1.26 million.
But on average, even the bad results weren't nearly as dire as many firms had feared just a year ago.
THE CHARTS
Gross Revenue
For the first Time since 1994, Baker & McKenzie surpassed Skadden, Arps, Slate, Meagher & Flom for the number one position on our gross revenue chart.
Revenue Per Lawyer
The downward trend continued for Am Law 100 firms in 2009 as more than half posted drops in revenue per lawyer (RPL), our best measure of a firm's financial health.
Profits Per Partner (Top Ten)
Sixteen Am law 100 firms had profits per partner (PPP) of $2 million or more in 2009, the same number as in 2008.
Compensation - All Partners (Top Ten)
The average pay for a firm’s entire partnership, both equity and nonequity; in 2009, 42 Am Law 100 firms posted declines in CAP.
Value Per Lawyer (Top Ten)
Value Per Lawyer ranks firms by how efficiently they generate profits. For the fifth year in a row, Wachtell, Lipton, Rosen & Katz tops our list.
The Firms A to Z
An alphabetical listing of the firms on The Am Law 100.
The Profitability Index
The profitability index looks at a firm's ability to convert revenue into profits.
Profits Per Partner (Full Chart)
Two firms fall below $2 million.
Compensation - All Partners (Full Chart)
For the second year in a row, average CAP for The Am Law 100 as a whole dropped, falling 2 percent, to $944,612.
Value Per Lawyer (Full Chart)
The metric is intended to calculate how much, on average, each of a firm's lawyers contributes to total partner compensation.
THE FEATURES
Lessons of The Am Law 100
By aggressively cutting costs, The Am Law 100 eked out a small increase in profits. But the tough choices are only just beginning.
Someone to Watch Over Them
Fried Frank's chair brings a steady hand to the New York firm's partnership.
No Easy Answers
Did layoffs help improve firms' bottom lines? Yes--and no.
Holy Nonequity Partner!
Defying the conventional wisdom, income partners see their ranks grow.
Priced to Sell
Cutting costs isn't enough. Firms must find a way to stand out from their rivals.
Catching Up With the Class of 1985
The American Lawyer debuted its firm finance reporting 25 years ago, examining the nation's 51 highest-grossing firms in its July/August 1985 issue. Here's a look at how 1985's Am Law 50 stacks up against the top 50 firms on this year's Am Law 100.
OUR METHODOLOGY
The Am Law 100 is reported by staff members at ALM's publications throughout the United States, including The American Lawyer, The Connecticut Law Tribune, Daily Business Review (Miami), Fulton County Daily Report (Atlanta), The Legal Intelligencer (Philadelphia), The National Law Journal/Legal Times, The New Jersey Law Journal, New York Law Journal, The Recorder (San Francisco), and Texas Lawyer.
Most law firms provide their financials voluntarily for this report. Some choose not to cooperate, so we make estimates based on our reporting. All data is investigated by our reporters. In the event that an error in reporting in a previous year is discovered, we will correct the numbers and base the percentage changes in future years on restated numbers.
