After taking a couple of body blows in 2022 and not knowing how the legs would hold up, Big Law was just waiting to counter.
April 16, 2024 at 10:07 AM
10 minute read
In 2022, law firms such as Wachtell, Lipton, Rosen & Katz; Davis, Polk & Wardwell; and Paul, Weiss, Rifkind, Wharton & Garrison walked back some massive profitability gains, and saw their net income and profit margins fall. Litigation powerhouse Quinn Emanuel Urquhart & Sullivan in 2022 saw its average profits per equity partner and revenue per lawyer drop at least 9%.
But in 2023, those firms and many others took two steps forward.
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