The 2017 Am Law 200 rankings, published Wednesday, reveal that two of the four Florida-based Am Law 200 firms experienced gains in gross revenue, pushing them up in the 2017 rankings. But the other two Florida-based firms that made the cut saw their rankings fall.
Not surprisingly, the firm that made the biggest gain was Greenspoon Marder, which saw a 17.2 percent increase in gross revenues in 2016, as the firm expanded in corporate work and the national legalized marijuana sphere. The firm, which reported a remarkable net income increase of 42.3 percent in 2016 after gross revenue climbed to $122.5 million, moved up on the national rankings to No. 176. It ranked 187th the previous year.
GrayRobinson also moved up one slot to No. 165 on the national rankings. The firm saw gross revenues increase 3.4 percent to $153.5 million, an increase of $5 million from the $148.5 million reported in 2015. But the increase was smaller than that of the previous year, when the Orlando-based firm saw gross revenue grow by $6.5 million.
Carlton Fields Jorden Burt and Shutts & Bowen both dropped in the rankings.
With an 11.7 percent drop in gross revenues in 2016, Tampa-based Carlton Fields dropped the most. It fell 14 slots in the rankings to No. 146, litigation was down nationwide, and two-thirds of the firm is made up of litigators across all practice areas. Carlton Fields explained the drop as the result of the end of a litigation cycle. But it said it is replacing completed litigation with other work.
Shutts & Bowen‘s 2.7 percent increase in gross revenue, and even higher increase in net income, was not enough to keep the firm from dropping one slot down to 169 in the rankings.
But the firm’s gross revenue rose by $4 million to $151 million in 2016. The firm reported net income of $66 million, which marked a 5.6 percent increase over 2015. Shutts & Bowen attributed the increase to work on significant acquisitions in the financial services sector, a real estate development rebound and growth in specialized areas.