This year, the Connecticut Law Tribune expands its survey of the state’s largest-grossing law firms. The overall outlook is positive: While the general economy languished in 2003, the same didn’t hold true for Connecticut’s top law firms.
Introducing The New Tribune 25
Publisher and Editor-in-Chief Vincent Michael Valvo prefaces the report by explaining the changes to this year’s annual firm revenue survey: We’ve increased the number of law firms that we’re ranking, from ten to 25, giving readers a much more in-depth look at the health of Connecticut’s legal market. And in choosing to deepen the bench of heavy hitters, we’ve also redefined who is eligible for the list.
Down Economy Had Little Effect on State’s Leading Law Firms
While the general economy languished in 2003, the same didn’t hold true for the fortunes of Connecticut’s top law firms. Hartford-based Day Berry & Howard is once again ranked highest among the state’s firms in overall financial performance, becoming in 2003 the first Connecticut-based firm to break the $100 million mark in annual revenue, with nearly $105 million in total income.
The Trib 15: By the Numbers
- The Top 25 Firms
- Listed by Firm Revenue
- Listed by Firm Profits
- Listed by Profits Per Partner
State Firms Have Held Steady Over Past 5 Years
This is the first year in five years that a lot of Connecticut law firms can look at their revenues and think the economy must be improving. It certainly is in their wallets, with almost all firms enjoying comfortable increases in per partner profits.
- Related chart: Five Year Analysis of Firm Finance
Powerhouses From Beyond
Seven out-of-state law firms with offices in the Nutmeg State do more combined legal business in Connecticut than 15 of the Tribune’s top 25 Connecticut-based law firms. That represents almost one-fourth the total revenue recorded by Connecticut’s top 25 law firms.
- Related chart: Out-of-Town Winners
The Quick and the Dead
Why do some firms achieve extraordinary success while others, also led by smart and devoted leaders, dissolve or merge out of existence? A new study identifies the real killers in the corridor.
Getting Clients To Pay Up
The most direct and effective, yet often overlooked, approach to enhancing profits is to improve realization ? getting clients not only to pay their bills but to pay them faster as well.