The Am Law Second Hundred, firms 101-200 on our list of the nation’s highest-grossing firms, underperformed their larger counterparts in 2015. Gross revenue decreased by an average of 3.2 percent for Second Hundred firms, in contrast to an increase of 2.7 percent for The Am Law 100. Revenue per lawyer and profits per partner remained roughly flat, on average, for the Second Hundred in 2015. Plus, the stories behind seven firms’ successful (and not-so-successful) years, and our annual rundown of key financial performance metrics.
FEATURES AND ANALYSIS
With a drop in revenue and flat results in other metrics, the gap widened between the Second Hundred and the Am Law 100.
Firms of Note
Growing Pains for Dinsmore & Shohl
Mergers boost the firm’s top line, but revenue per laywer and profits per partner slip.
Greenspoon Marder Gambles on Growth
The firm moves into Las Vegas and expands at home.
Herrick Feinstein Bounces Back
The firm’s robust year reverses recent declines
and quiets merger talk.
With Smaller Footprint, Irell Shows Declines
Buffeted by defections, the highly profitable firm sees its gross revenue drop.
A Real Estate Boom for Morris Manning
Real estate work, especially in the multifamily and hospitality sectors, helps fuel a solid year.
A Big Settlement Pays Off for Schiff Hardin
A contingency fee from an asbestos suit boots profits.
Thompson & Knight Rides High Amid Energy Lows
The firm powered ahead in 2015 despite an energy industry in decline.
Gross Revenue for the Second Hundred decreased by 3.2 percent on average in 2015, reversing a 2.1 percent increase from the prior year and slipping further behind The Am Law 100. Just one firm dropped from The Am Law 100 to the Second Hundred, and The Am Law 200 welcomed seven new firms.
Revenue Per Lawyer
Revenue per lawyer, the metric that we consider to be the most reliable measure of firm health, increased by an average of just 0.3 percent for Second Hundred firms in 2015, compared with a 2.6 percent average increase for The Am Law 100.
How we report law firm financials.