Law Firm Profitability

International Edition

Clifford Chance Top Earner Pockets Less as Staff Numbers, Costs Swell

By Habiba Cullen-Jafar | December 28, 2023

The firm's total number of partners and staff costs rose, as it continued to grapple with its pension liability, the latest LLP accounts show.

3 minute read

International Edition

Bryan Cave Leighton Paisner's UK Profit Dropped 63% Last Year, Accounts Show

By Kasvi Sehgal | December 13, 2023

The transatlantic firm attributed the drop to the global costs associated with its withdrawal from Russia in April 2022.

2 minute read
International Edition

'Staggering' Jump in Law Firms Planning to Expand Nonequity Partner Ranks

By Andrew Maloney | December 8, 2023

The average annual growth in income partner classes at some of the most profitable firms between 2017 and 2022 was 13.4%, while at other large, two-tier partner firms, it was 4%, according to a report this week.

4 minute read

International Edition

Kirkland, Quinn, Davis Polk, Wachtell and Sidley Line Up to Match Cravath Salary Scale

By Patrick Smith | November 30, 2023

Quinn Emanuel, which is matching the latest base salary scale and bonuses, is expecting profits to increase more than 20% this year.

5 minute read
International Edition

The Top Law Firms to Work For: The UK A-List, 2023

By Charlotte Johnstone | November 28, 2023

More than 80 of the largest firms operating in the UK were ranked by their revenue per lawyer, pro bono commitment, racial diversity and gender diversity to create this year's A-List.

4 minute read
International Edition

The Challenger Law Firm Which Puts Staff Before Clients

By Christopher Niesche | November 23, 2023

Happy staff mean happy clients, says Hamilton Locke managing partner Nick Humphrey, whose firm spent over A$1 million last year on staff development and training programs.

5 minute read
International Edition

Iberian Law Firm Leader Interview: We Want to 'Break The Roof' and Double in Size

By Alex D'Elia | November 22, 2023

Already having more-than-doubled its revenue in the past three years, Andersen is looking to break triple digits in the next three.

3 minute read
International Edition

Associate Pay Raises Escalate GC Fears of Billing Rate Hikes

By Andrew Maloney | Chris O'Malley | November 13, 2023

Some GCs are voicing concerns about further rate hikes after associate pay raises. But Milbank's chair said the salary raises wouldn't have a material effect on its billing rate decisions in the future.

5 minute read
International Edition

Milbank Raises Associate Salaries and Announces Year-End Bonuses

By Andrew Maloney | November 7, 2023

The internatinal firm's chair pointed to "a very, very busy year" across the firm—one in which productivity was "materially" increased, as well as increasing cost of living.

2 minute read
International Edition

Why Concealing PEP Isn't Always the Best Idea

By Krishnan Nair | November 3, 2023

A few firms have omitted PEP from their most recent financial results—there's really only one way the market will interpret this, writes The London Lawyer.

5 minute read
The American Lawyer

Latest Big Law Layoffs Illustrate Inconsistency in Market as Some 'Still Haven't Seen That Bounce Back'

By Andrew Maloney | February 14, 2024

"Our talent levels became misaligned with our existing and projected client demand, particularly in our large transactional practices. I take responsibility for this and am truly sorry that those decisions have led to a significant impact on our people today," said Fenwick & West's chair.

4 minute read
National Law Journal

Steptoe's Revenue Grew 13% Amid Lateral Expansion and Rising Litigation Demand

By Abigail Adcox | February 14, 2024

Even as the equity tier expanded and the firm's profits per equity partner rose about 16% to $1.91 million. And amid lateral growth, Steptoe's total full-time equivalent head count rose about 4% to around 396 lawyers last year and revenue per lawyer climbed more than 8% to $1.2 million.

4 minute read
Pro Mid Market

Should Midsize Firms Get More Aggressive About Rate Increases?

By Dan Roe | February 14, 2024

As Big Law keeps getting rewarded for pushing large rate hikes, analysts and consultants say midsize firms are leaving money on the table.

7 minute read
Litigation Daily

Hours Down. Revenues Up. What Gives?

By Ross Todd | February 14, 2024

"Billable hours worked, the market's favored measure of demand for legal services, is simply becoming a less useful measurement," write the authors of a report issued this week by The Thomson Reuters Institute.

4 minute read
Texas Lawyer

Benefiting From Energy Work and Strategic Hiring, Vinson & Elkins Breaks Above $1B Revenue Barrier in Record Year

By Brenda Sapino Jeffreys | February 13, 2024

Despite growth in its lawyer head count and equity partner ranks, Houston-based Vinson & Elkins also improved its revenue per lawyer by 2.7% and its profits per equity partner by 3.6%.

6 minute read
The American Lawyer

Jenner, Looking at 'Stretch' Goals, Reached Double-Digit Revenue and Profit Growth

By Andrew Maloney | February 13, 2024

Jenner surpassed even its own revenue target in 2023, while the firm increased PEP by nearly 18% amid a 4% contraction in its equity tier.

5 minute read
The American Lawyer

Impressive Gains at Quinn Emanuel, Hogan Lovells, Milbank Suggest a Healthy 2023 for Am Law 100

By Justin Henry | Dan Roe | February 13, 2024

"It's interesting to me that those in the top 50 did even better than those in the next 50," said Marci Taylor, a law firm strategy consultant and founder of Mantra Partner, in regard to early reports.

6 minute read
The American Lawyer

Hogan Lovells Rebounds in 2023 With Most Profitable Year in History

By Justin Henry | February 13, 2024

The global firm brought in $2.68 billion in revenue, which translated into $2.74 million in profits per equity partner.

6 minute read
National Law Journal

As Associate Pay Raises Divide the Market, Several Law Firms Match, Others Hold Off

By Abigail Adcox | February 12, 2024

"Many do compete with the New York firms," said Wells Fargo's Owen Burman about D.C. firms. "But it's not universal."

5 minute read
National Law Journal

Even With More Competition in DC, These Law Firms Still Have an Edge

By Abigail Adcox | February 12, 2024

D.C. firms say their deep regulatory and litigation background is working to their advantage, contributing to growing profits, particularly in years where transactional work has been softer.

7 minute read

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